ACA-Created Co-Op Seeded With $174.4M To Cease Business

(October 27, 2015, 12:21 PM EDT) -- NEW YORK — Health Republic Insurance of New York, which received $174.4 million in government funds and was one of the largest co-op health insurers created under the Patient Protection and Affordable Care Act (ACA), will shut its doors Dec. 31, according to officials.

The New York State Department of Financial Services, New York State of Health and the Centers for Medicare and Medicaid Services directed Health Republic to cease writing new policies and begin and orderly wind down, citing its financial condition.

Health Republic received...
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