Health Republic, a New York health insurer, has been ordered to close its doors due to financial failings; this is the largest ACA-created coop to close.
"The nation’s biggest nonprofit health insurer spawned by the Affordable Care Act has been ordered to shut down as it reels toward insolvency, disrupting coverage for more than 200,000 New York state residents and becoming the fourth such co-op to collapse in recent months.
"The action Friday to force Health Republic Insurance of New York out of business was a coordinated maneuver by state regulators and by federal health officials, who have been trying to nurture fledgling co-ops while dealing with the reality that most are hemorrhaging red ink.
"Their move is the latest — and, so far, the largest — blow to an aspect of the 2010 health-care law that was intended to foster a new breed of health coverage. These Consumer Oriented and Operated Plans (CO-OP) were envisioned as an alternative to the traditional insurance companies that dominate the nation’s health coverage landscape."--Amy Goldstein, The Washington Post
