Illinois’ acting insurance director has asked to take control of Land of Lincoln Health to begin an orderly shutdown of the company, meaning about 49,000 people will lose their health insurance in the coming months.

The decision is based on Land of Lincoln’s unstable financial condition, according to the state Department of Insurance.

Because an insurance company shut down is considered a qualifying event, the existing Land of Lincoln members will be given an opportunity to enroll in a plan with a new insurer, without any waiting periods or pre-existing condition exclusions.

More information to follow.

News first reported by [email protected]