- Associated Press - Friday, October 30, 2015

ALBANY, N.Y. (AP) - State and federal authorities say the shutdown of Health Republic Insurance of New York should accelerate after they found it is in worse financial shape than they knew when it was ordered to stop writing new policies a month ago.

New York’s Department of Financial Services initially said coverage for about 100,000 individuals should continue through Dec. 31. Now it says it’s in consumers’ best interest to end policies Nov. 30.

The department says Friday the same applies to Health Republic’s small group plans, which covered 101,500 people.

The New York Health Exchange, where most individual policies were bought, says subscribers need to act by Nov. 15 to choose a new plan for this year.

A Health Republic spokeswoman says they believe winding down on Nov. 30 is prudent.

Copyright © 2019 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.

 

Click to Read More and View Comments

Click to Hide