State regulators have approved an insurance company's plan to stop selling individual plans on the federal exchange in New Jersey.

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An Obamacare sign is seen on the UniVista Insurance company office on December 15, 2015 in Miami, Florida. (Photo by Joe Raedle/Getty Images)

The state's department of banking and insurance on Tuesday approved UnitedHealthcare's withdraw.

The company said last month that it was leaving exchanges set up by the Affordable Care Act in many of the 34 states where it sold plans because of escalating losses.

Banking and insurance spokesman Marshall McKnight says that United makes up about 4 percent of the market in New Jersey and the exit won't have a significant impact.

He says that no other companies have requested to leave the marketplace.

United sold plans in New Jersey as Oxford Health Plans.

McKnight says United will continue to sell individual plans and small employer plans, but not on the federal exchange.

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