DENVER (AP) – The leader of the state health exchange expressed confidence Monday that most people losing Colorado HealthOP policies will stay with the exchange.

The largest insurer on the Connect for Health Colorado exchange is shutting down after regulators determined it is financially unstable. It has about 83,000 exchange customers and 29,000 other policyholders.

The nonprofit was one of 22 cooperatives created through the Affordable Care Act and supported by the government to provide low-cost competition. Eight have folded.

Connect for Health Colorado estimates that “about 75 percent of the customers will renew” with other insurance policies available through the exchange, said director Kevin Patterson.

People buying health insurance can choose among bronze, silver and gold plans. Generally, bronze plans are the cheapest, while gold plans provide the most coverage and smaller out-of-pocket costs.

The state Division of Insurance decided this month that Colorado’s cooperative lacked adequate reserves to offer policies next year. That means HealthOP’s customers will be forced to shop elsewhere. It also means the cost of the benchmark plan is going up – along with federal tax credits.

In some cases, according to Connect for Health, the increased credit can amount to hundreds of dollars a month, offsetting the 9.8 percent average increase of individual policies.

Open enrollment begins Nov. 1, and the tax credits can be obtained only by buying through the exchange.

The exchange hopes to bring more people under the health-insurance umbrella in 2016 by zeroing in on ZIP codes with low coverage rates, reminding people that the tax penalty for going without insurance rises to $695 per adult and getting them to regard health insurance as a necessary protection – like auto insurance.