Illinois moved Tuesday to take control of Land of Lincoln Health to begin an orderly shutdown of the insurance company, meaning about 49,000 people will lose their health coverage in the coming months.

The state said it will allow policyholders to buy coverage from a different insurer before their Land of Lincoln plans are terminated, but it’s unclear when the policies will lapse.

“It’s a bad day for the marketplace in Illinois and our consumers,” said Jason Montrie, president and interim CEO of Chicago-based Land of Lincoln. “This is the end.”

The Department of Insurance said the decision was based on the startup company’s deteriorating financial condition. Land of Lincoln is required to pay $31.8 million to other insurers under a complex formula in the Affordable Care Act, which aims to keep premiums stable by balancing risks among insurers.

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