New York state’s insurance regulator accused a for-profit company of illegally operating an insurance business in the guise of a health-care sharing ministry and shortchanging consumers in the process.
The Aliera Companies Inc., formerly known as Aliera Healthcare, allegedly used a series of nonprofit shell companies to evade insurance regulation while deceptively marketing and selling insurance products, the New York State Department of Financial Services said in a Tuesday notice.
One of the shell companies, Trinity HealthShare, is also named in the notice.
Health-care sharing ministries are medical cost-sharing arrangements in which members make voluntary payments to a shared ...