The payment will be made by the Utah Insurance Department over the next six months.
Arches, one of the insurance co-ops formed under the ACA, closed in 2015, primarily citing lack of funding from the health law’s risk corridor program.
Overall, Arches owes health providers more than $36 million, and that number could still increase with additional claims, Tanji Northrup, assistant insurance commissioner with the Utah Insurance Department, said, according to the report. Deseret News reports Ms. Northrup said Arches also owes another $90 million to the federal government, along with $2 million to insurance agents and unpaid advertising costs.
Read the full report here.
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