New York 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 said on Oct. 30 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.
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