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Liquidation begins for failed Obamacare insurer
Modern Healthcare

After months of uncertainty surrounding Health Republic Insurance of New York’s liquidation process, new court documents released April 22 provide clarity on what creditors can expect to receive. That is a welcome development for doctors and other providers who say are owed more than $200 million.

The state Department of Financial Services, now led by Acting Superintendent Maria Vullo, began the liquidation proceeding last week by filing a verified petition and order to show cause in New York State Supreme Court. In doing so, Vullo declared the insurer insolvent, given “required reserves and other liabilities exceed its admitted assets.”