The New York Department of Financial Services has ordered House of Prayer and Life to cease operations in the state and imposed a $250,000 fine for acting as an unlicensed health insurer. The company operates under the names Jericho Share and Jericho Health Share, according to AM Best.
According to DFS, the entity sold products it described as health care sharing ministry plans while functioning as an insurance operation.
Regulators said the conduct dates back to 2021. The department also directed the company to pay $35,000 to affected policyholders.
DFS investigators found the company structured its marketing and sales practices to sidestep insurance laws.
Producers received training to avoid specific insurance-related terms in order to reduce exposure to audits, fines, and scrutiny over program legitimacy.
Financial records reviewed by the regulator show Jericho spent 12.5% of membership fees collected in 2021 and 2022 on medical expenses. New York law requires an 82% minimum loss ratio for such coverage.
According to Beinsure, gaps of that scale typically trigger solvency and consumer protection concerns.
Under the consent order, Jericho must halt all business activity except actions required to comply with the settlement. That includes processing pending and future claims and meeting other obligations tied to the claims process.
The order also mandates cancellation of all active contracts effective March 19. The company must refund one month of premium to New York members enrolled as of Dec. 19, 2025.
