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updated: 4/30/2013 7:47 AM

Health insurance 'co-op' gets Illinois license

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Associated Press

A new nonprofit organization called Land of Lincoln Health has received an insurance license from the state of Illinois. The license clears the way for the organization to offer health insurance coverage in Illinois in 2014 when the national health overhaul law goes into full effect.

Land of Lincoln must submit details on its policies by Tuesday if it wants to sell on the new online marketplace where consumers will be able to shop for coverage.

The health care overhaul created a category of insurance carriers called Consumer Operated and Oriented Plans, or "co-ops." Land of Lincoln Health was the first co-op in Illinois to receive federal approval. It received a $160 million federal loan to begin operations.

Land of Lincoln Health was incorporated by the Metropolitan Chicago Healthcare Council.

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