Federal, state regulators shut down New York's health insurance co-op

New York and federal regulators have ordered Health Republic Insurance of New York, a nonprofit insurance cooperative, to stop selling policies and to begin winding down business, according to a Bloomberg report.

The insurer was ordered to cease operations after regulators determined it was likely to become financially insolvent.

"Given Health Republic's financial situation, commencing an orderly wind down process before the upcoming enrollment period is the best course of action," Anthony Albanese, New York's acting superintendent of financial services, told Bloomberg.

Health Republic told The New York Times it would keep processing all claims through the end of the year.

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