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Insurance agents call on state to compensate for losses related to Health Republic shutdown


New York insurance agents call on the state to compensate providers for losses in the wake of the Health Republic shut down.

Several sources estimate health care providers are owed tens of millions of dollars after Health Republic was forced to close.

State and federal regulators stepped in to dissolve the health insurance co-op earlier this year citing financial insolvency.

The New York State Association of Health Underwriters released a statement Monday that calls for the state to use surplus funds to make up for lost funds.

“So, I think that the folks who stepped up and continued providing their professional services to their clients should be made whole, and I think it’s the state’s obligation and responsibility to do so,” says Michael Capaldo, board member for the New York State Association of Health Underwriters.