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Coopportunty Health Insurance Facing Liquidation

Floor Speech

Date: Feb. 2, 2015
Location: Washington, DC
Issues: Health Insurance

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Mr. SMITH of Nebraska. Mr. Speaker, I rise today to draw your attention to CoOpportunity Health, one of 23 insurance co-ops created by ObamaCare. These plans have been awarded approximately $2 billion in taxpayer dollars. CoOpportunity specifically received $146 million in Federal loans.

On December 23, 2014, the Iowa insurance commissioner submitted a petition for an order of rehabilitation of CoOpportunity Health. The company now faces liquidation.

Approximately 120,000 of CoOpportunity's customers, most of whom live in Nebraska, have been told they need to find a new insurance carrier. I am extremely concerned about this situation for Nebraskans needing health coverage and for the taxpayers who have seen millions of dollars lost and millions more put at risk. This is one more example of ObamaCare's failure.

Last month, I sent a letter to HHS Secretary Burwell seeking more information about these concerns. Americans were promised they could keep the insurance they had and liked, and now we are seeing they cannot even keep the insurance this very law created.

This is one more reason I look forward to voting tomorrow to repeal this harmful law.

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