If I understand your question correctly, your gastric bypass has been reversed, and you are now again morbidly obese. The short answer is that you could still have another weight loss operation. The long answer is that we need to get an accurate history of what was actually done before, and why it had to be reversed. You may not have actually had a gastric bypass. You may have had a jejuno-ileal bypass, or some other type of malabsorptive procedure. The safest way to find out, other than doing exploratory surgery, would be to get your old operative reports. It may take a bit of detective work, but most hospitals store these records for a very long time.
As to whether or not your insurance company will agree to pay for another operation, that depends on your specific policy. Some companies will cover it, and others won't. But the bottom line is that you can have another weight loss operation.