Nonprofit insurance co-op Health Republic of New Jersey has exited the exchange marketplace, forcing 35,000 policyholders to find new plans in 2017, NJ Advance Media reports.
New Jersey insurance regulators took over the insurer Monday due to HealthRepublic's "deteriorating financial condition," Department of Banking and Insurance commissioner Richard Badolato said in a statement. Regulators will implement a rehabilitation plan, preserving the carrier's assets to reimburse providers for members' medical care through the end of the year.
The insurer owes $46.3 million in risk adjustment payments to the federal government.
HealthRepublic of New Jersey is the 17th insurance co-op to fold under the ACA. Only six insurance co-ops remain operational of the original 23.