Too Big To Fail? ObamaCare Insurer Being Shut Down

ObamaCare-Socialized MedicineObamaCare’s chickens seem to be coming home to roost–at least in New York, according to Bloomberg.

Health Republic Insurance of New York, the Affordable Care Act insurer that got $265 million in U.S. loans, will stop selling policies and eventually cease operations under orders from New York and federal regulators.

The insurer will be wound down because regulators found that it was likely to become financially insolvent, according to an e-mailed statement Friday from New York’s Department of Financial Services.

The decision was made jointly by DFS, New York’s health-insurance marketplace and the federal Centers for Medicare & Medicaid Services.

It appears that taxpayers will not be getting a refund from this.

Add comment

Help Keep WPR Free & Timely

Subscribe via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 5 other subscribers

Categories

Your Header Sidebar area is currently empty. Hurry up and add some widgets.