Vermont nixes Obamacare co-op

The Washington Examiner reports:

Vermont’s insurance commissioner denied a license to a new statewide Obamacare health care cooperative because it is “fatally flawed” and likely to be insolvent within three years, The Washington Examiner has learned.

Commissioner Susan L. Donegan of the Vermont Department of Financial Regulation also criticized Vermont Health CO-OP’s business practices, especially an “illegal” contract that would generate as much as $500,000 in income for a company owned by its president.

Donegan further criticized what she described as the co-op’s “deceptive” consumer advertising. . .

She predicted the health co-op would lose money each year, attract too few customers and face insolvency in only three years.

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