(Bloomberg) – Health Republic Insurance of New York, the Affordable Care Act insurer that got $265 million in U.S. loans, will stop selling policies and eventually cease operations under orders from New York and federal regulators.

The insurer will be wound down because regulators found that it was likely to become financially insolvent, according to an e-mailed statement Friday from New York’s Department of Financial Services. The decision was made jointly by DFS, New York’s health-insurance marketplace and the federal Centers for Medicare & Medicaid Services.

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