FINANCIAL FRAUD IN OBAMACARE CO-OP? New York insurance regulators speed up “winding down” of Health Republic, the largest of the Obamacare co-ops, after finding its financial condition “substantially worse” than previously reported. Ten of the 23 Obamacare co-ops established at a cost of $2.4 billion in 2011, have shut down in recent weeks. And more failures are coming even if the feds are being secretive about it.