The Obamacare darling posted losses of $500 million in 2015. Latest losses for defunct insurer Health Republic.

Crain's New York Business reports:

Health Republic Insurance of New York lost $500 million from operations in 2015, according to an audit recently posted online as part of the defunct insurer's liquidation.

It shut down Nov. 30, 2015, after state and federal regulators ordered the insurer to begin winding down because it was headed toward insolvency. A Crain's investigation last year found that the insurer failed because of a flawed strategy for attracting customers with low premiums.

Massive congressional cuts to the risk-corridor program, aimed at backstopping the nascent Affordable Care Act marketplaces, also contributed to its demise.

Health Republic's balance sheet showed liabilities exceeded assets by $364 million as of Dec. 31, 2015—a grim reality for policyholders and providers seeking payment. The insurer had $209 million in unpaid claims to providers and had received $1.7 million in premiums from customers whose coverage was worthless.

The great moments of fascist style health care.