One of the 12 failed co-ops created under Obamacare is now under investigation by regulators after the co-op was found to have downplayed its poor financial condition in official filings, the Daily Caller reported.
The New York State Department of Financial Services (NYDFS) found that the Health Republic of New York co-op’s "financial condition is substantially worse than the company previously reported in its filings."
"Among other issues, the investigation will examine the causes of the inaccurate representations to NYDFS regarding the company’s financial condition," they said.
The co-op received $265 million in 2012 and another $90 million in "solvency funds" in 2014.
"The swiftly unfolding crisis forced regulators to issue its extraordinary actions Sunday," states the article. "The same regulators previously ordered Health Republic to cease issuing health insurance policies on September 25. At the time they gave customers until the end of the year to find another insurance provider."