http://www.wsj.com/articles/regulators-to-shut-down-health-republic-insurance-of-new-york-1443222742
Regulators will shut down Health Republic Insurance of New York, the
largest of the nonprofit cooperatives created under the Affordable Care
Act, in the latest sign of the financial pressures facing many insurers
that participated in the law’s new marketplaces.
The insurer lost
about $52.7 million in the first six months of this year, on top of a
$77.5 million loss in 2014, according to regulatory filings. The move to
wind down its operations was made jointly by officials from the federal
Centers for Medicare & Medicaid Services; New York’s state
insurance exchange, known as New York State of Health; and the New York
State Department of Financial Services.
In a statement, Health
Republic said it was “deeply disappointed” by the outcome, and pointed
to “challenges placed on us by the structure of t
Yes Ladies and Gents, the New York Obamacare Co-Op pissed away $340 million dollars.
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