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Zoom CEO Dr. Dave Sanders / Zoom

Venture-backed startup Zoom said earlier in April it is exiting the entire health insurance market, and now it's officially entering voluntary receivership with the state of Oregon, spokesman Len Bergstein confirmed to Axios. The Oregon-based company began several years ago as a chain of neighborhood clinics, and it expanded into health insurance in 2015 with the hopes of becoming the next iteration of the successful Kaiser Permanente organization.

What went wrong: Zoom didn't suffer from any high-cost medical claims often found in the Affordable Care Act's exchanges. Instead, Zoom thought the uncertainty of the market since President Trump's election made things too risky, Bergstein said. He also blamed "chaotic accounting" associated with the ACA programs that mitigate risk.

What's next: Zoom's clinics and providers won't change as the insurance company winds down by the end of the year, according to an April 21 memo from Zoom CEO Dr. Dave Sanders obtained by Axios. And Zoom has $9 million in reserves to pay any remaining claims.

Between the lines: It's a pretty quick flame-out. Zoom bailed on the ACA marketplaces after just one year, and now it is giving up on health insurance altogether after roughly two years. Not exactly the type of experiment you'd expect from a system that said its goal was to "enhance human performance."

Go deeper

The new Washington

Illustration: Sarah Grillo/Axios

The Axios subject-matter experts brief you on the incoming administration's plans and team.

Rep. Lou Correa tests positive for COVID-19

Lou Correa. Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

Rep. Lou Correa (D-Calif.) announced on Saturday that he has tested positive for the coronavirus.

Why it matters: Correa is the latest Democratic lawmaker to share his positive test results after last week's deadly Capitol riot. Correa did not shelter in the designated safe zone with his congressional colleagues during the siege, per a spokesperson, instead staying outside to help Capitol Police.

Far-right figure "Baked Alaska" arrested for involvement in Capitol siege

Photo: Shay Horse/NurPhoto via Getty Images

The FBI arrested far-right media figure Tim Gionet, known as "Baked Alaska," on Saturday for his involvement in last week's Capitol riot, according to a statement of facts filed in the U.S. District Court in the District of Columbia.

The state of play: Gionet was arrested in Houston on charges related to disorderly or disruptive conduct on the Capitol grounds or in any of the Capitol buildings with the intent to impede, disrupt, or disturb the orderly conduct of a session, per AP.

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