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HMO placed under conservatorship
By Nidz Godino
Inability to address requirements from the government Insurance Commission (IC) has placed health maintenance organization (HMO) Stotsenberg Healthcare Systems Inc. (SHSI) under conservatorship.
In notice, IC commissioner Reynaldo Regalado informed public that SHSI is being placed under conservatorship, status that will allow regulator to be involved in management until viability of HMO is restored.
IC said SHSI is unable to comply with requirements and orders under minimum capitalization and financial capacity requirement of HMOs.
As such, SHSI is ordered to cease and desist from taking HMO business of any kind.
IC, however, did not specify financial capacity requirement SHSI has failed to address.
Under the law, IC may put HMO under conservatorship if it finds that it is in state of continuing inability or unwillingness to comply with its obligations to policyholders.
Latest available IC data on SHSI is as of end-June 2023.
SHSI’s assets stood at P11.76 million and its capital stock was at P10 million, minimum requirement. However, it did not provide any data on revenues, expenses, health care benefits and claims and net income.
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