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.
More articles on payer issues:
Maryland approves 20% and higher premium rate hikes
Aetna CEO responds to US senators’ letter
Obama meets with payer execs to discuss ACA: 5 things to know
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