Bright Health Group can add Tennessee to the growing list of states concerned about its ability to meet its financial obligations.
Tennessee regulators placed the struggling health insurance company under supervision in November, according to Tennessee Department of Commerce and Insurance filings. Bright Health has been prohibited from spending more than $10,000 at a time without approval from Tennessee. The state also reserved the right to initiate legal, liquidation or delinquency proceedings against the company.
Bright Health disclosed this month that it needs to raise $300 million or risk shutting down by the end of the year. The company reported a $12.9 million shortfall among its state-regulated subsidiaries as of Dec. 31.