The New York State Department of Financial Services announced a settlement with House of Prayer and Life, Inc., doing business as Jericho Share or Jericho Health Share, requiring it to permanently stop transacting insurance business in New York after an investigation found it operated as an unlicensed insurer and sold products misrepresented as health care sharing ministry plans. The consent order requires a USD 250,000 penalty to New York State and more than USD 35,000 in refunds to affected New Yorkers. DFS found Jericho advertised and marketed its products through insurance producers on the New York State and federal health insurance marketplaces, entered into more than 13,900 contracts with New York residents, and administered these health plans between 2021 and 2025 without a New York insurance license. The Department said the products did not provide comprehensive coverage required under state and federal law, including guaranteed benefits for essential medical services, coverage for pre-existing conditions, and compliance with financial reserve requirements; it also found Jericho used disclaimers and non-insurance terminology to evade New York Insurance Law, including producer training materials instructing producers to avoid insurance-related terms. DFS cited an actuarial assessment showing Jericho allocated 12.5% of membership fees to medical costs in 2021 and 2022 and 10.6% in 2023, compared with a New York Insurance Law requirement that licensed insurers spend at least 82% of paid premiums on medical benefits. Under the settlement, Jericho must cancel all active contracts with New York members on March 19, 2026, notify currently enrolled members, and refund each New Yorker who was a member as of December 19, 2025 an amount equal to one month’s premium payment. Jericho is also required to process pending and future requests for payment of medical costs associated with the final New York members and make required payments pursuant to those requests.
New York State Department of Financial Services 2026-02-17
New York State Department of Financial Services orders Jericho Share to exit New York and pay USD 250,000 for selling unlicensed health insurance plans
The New York State Department of Financial Services settled with House of Prayer and Life, Inc. (Jericho Share), requiring it to cease unlicensed insurance operations in New York. Jericho must pay a USD 250,000 penalty, issue over USD 35,000 in refunds, and cancel all active contracts with New York members by March 19, 2026. The investigation revealed Jericho's products lacked comprehensive coverage and failed to meet financial reserve requirements, allocating only 10.6% to 12.5% of membership fees to medical costs, far below the 82% required by law.