STATEWIDE — A TEXAS ORGANIZATION billing itself as a “health care sharing ministry” must pay a $250,000 penalty to New York state and more than $35,000 to policyholders for operating as an unlicensed insurance business in New York, according to a release by Department of Financial Services Acting Superintendent Kaitlin Asrow.
The state investigation determined that House of Prayer and Life, Inc. a.k.a. Jericho Share or Jericho Health Share, has operated an illegal insurance business here since 2021 and sold insurance products misrepresented as “member sharing plans.” Jericho marketed its products via the state and federal health insurance marketplaces, entering into more than 13,900 insurance contracts with New York residents between 2021 and 2025.
State and federal law requires that insurers guarantee benefits to cover essential medical services, provide coverage for pre-existing conditions, and adhere to stringent financial reserve requirements, which Jericho coverage failed to provide. While state law requires that insurers spend at least 82% of paid premiums on medical benefits for members, Jericho allocated 12.5% or less.
The settlement requires Jericho to cancel all active contracts with New York members on March 19, 2026. Visit the DFS website for more information.
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