The state’s Department of Banking and Insurance said Health Republic Insurance of New Jersey will stop offering plans in 2017, according to Politico.
This means there will only be two insurers to choose from on New Jersey’s individual health insurance marketplace that year.
Commissioner Richard Badolato told Politico Health Republic was “insolvent” and in “hazardous financial condition” after it lost about $59 million in the first six months of the year.
The company’s 35,000 individual and small group members will need to find new coverage for 2017, and the current plans will remain in effect through Dec. 31.
Politico reports the department hopes to stabilize the company’s finances “in anticipation of a potential return to the marketplace in 2018,” according to a news release.