GOP Probes $3.8B Loan Program For Nonprofit Health Insurers

Law360, New York (May 10, 2012, 3:32 PM EDT) -- A handful of powerful congressional Republicans have launched an inquiry into a $3.8 billion federal loan program for nonprofit, consumer-run health insurers known as co-ops, claiming in a letter Wednesday that the program is riskier than health regulators have admitted.

The loan program has come under heated attacks from Republicans in Congress, especially since the Center for Consumer Information and Insurance Oversight began announcing awardees in February. Lawmakers have accused the program, which has loaned out $845 million so far, of offering sweetheart deals to unions...
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