New York State Launches Probe of Failed Obamacare Co-Op

The State of New York has announced that it is opening an investigation into failed Health Republic, the largest Obamacare co-op in the nation, saying the insurer did not truthfully report its financial condition to regulators.

The New York State Department of Financial Services says in a press release that "it found that Health Republic’s finances were substantially worse than the company previously reported to the state, making it necessary to end the company’s policies as of November 30, 2015."

"Health Republic is the largest of the 23 Obamacare co-ops in the country. It was founded by political activist Sarah Horowitz, who first met then-Senator Barack Obama when they both worked at the same think tank," the Daily Caller reports.

Taxpayers are expected to take the hit for $355 million in losses from the failed venture, the Daily Caller reports.

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