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.
More articles on payer issues:
Anthem, Aetna CEOs defend mergers to Senate subcommittee
Department of Justice seeks more information on Aetna-Humana deal
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