From the Cornell site reads:
No individual, company, business, nonprofit entity, or health insurance issuer offering group or individual health insurance coverage shall be required to participate in any Federal health insurance program created under this Act (or any amendments made by this Act), or in any Federal health insurance program expanded by this Act (or any such amendments), and there shall be no penalty or fine imposed upon any such issuer for choosing not to participate in such programs.

but I think is supposed to be read like:
No (individual, company, business, nonprofit entity, or health insurance issuer) offering group or individual health insurance coverage shall be required to participate in any Federal health insurance program created under this Act (or any amendments made by this Act), or in any Federal health insurance program expanded by this Act (or any such amendments), and there shall be no penalty or fine imposed upon any such issuer for choosing not to participate in such programs.

Basically none of those entities in the parentheses that offer insurance will not be penalized for not participating. Sadly, I don't think they're referring to individual citizens.

But I'm not a lawyer, so who knows. Because I *am* a finder of loopholes and I could *easily* read it the way you posted.