Health Republic Insurance of New York was a nonprofit health insurer that participated in a number of federal ACA programs, including its risk corridors program. Under the program, the government collected payments from insurers with lower-than-expected claims on the health insurance exchanges and made payments to insurers with higher-than-expected claims. However, the balances collected were insufficient to cover what insurers were owed.
Health Republic will use the settlement to pay all claims in full, including claims for New York hospital systems and providers, according to a May 3 news release. Additionally, some funds will be used to pay $19.1 million in claims to the New York State and local governments.
The settlement resolves a 2017 lawsuit filed by New York’s superintendent in her capacity as liquidator of the health plan.
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