ACA-established N.J. health insurer to be liquidated

A Superior Court of New Jersey judge on Friday approved the liquidation of Health Republic Insurance of New Jersey, one of 23 nonprofit consumer-operated and -oriented health plans established under the Affordable Care Act.

Last fall, the New Jersey Department of Banking and Insurance put the insurer in rehabilitation, taking it out of the market for this year, but holding out the possibility that it could return to selling health insurance plans next year if Health Republic found investors.

The insurer was expected to have a deficit of $18 million last month.

In the first quarter of 2016, Health Republic held a 7.34 percent share in the state’s individual market and a 2.1 percent market share in the small employer sector, the banking and insurance department said.

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