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Goldmed not a licensed HMO – Insurance Commission

By: - Reporter / @bendeveraINQ
/ 10:00 PM September 08, 2016
INSURANCE COMMISSION (INQUIRER FILE PHOTO)

INSURANCE COMMISSION (INQUIRER FILE PHOTO)

MANILA — The Insurance Commission has warned the public against availing of health maintenance services being offered by the MCN Global Holding Corp.

In an advisory, Insurance Commissioner Emmanuel F. Dooc said MCN Global Holding or more popularly known as Goldmed “has not been issued a certificate of authority or clearance to operate by the lnsurance Commission as a health maintenance organization (HMO).”

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Hence, Dooc advised the public “not to transact HMO business with Goldmed, its officers, employees and agents.”

“For any information, please report to the lnsurance Commission any unauthorized sale of HMO products by the said corporation,” Dooc added.

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The supervision of the HMO sector was transferred to the Insurance Commission from the Department of Health (DOH) through Executive Order No. 192 issued in 2015 by then president Benigno S. Aquino III.

In July, the Insurance Commission issued rules covering HMOs, under which new domestic and foreign entrants must comply with a P100-million paid-up capitalization requirement, while keeping the P10-million minimum for existing players.

Circular Letter 2016-41 allowed existing HMO companies to continue compliance with the lower capitalization requirement earlier set by the DOH.

As for the new rule for incoming investors, Dooc had explained that the higher capitalization cap would ensure that “every HMO company can service its obligation.”

Deputy Commissioner Dennis B. Funa had noted that the HMO industry had been plagued by fly-by-night firms, especially in the provinces. This was the reason why HMO companies moved to have their financial health overseen and regulated by the Insurance Commission, Funa said.

At present, at least 28 HMOs operate in the country.  SFM

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TAGS: Benigno Aquino III, Business, Certificate of Authority, clearance to operate as HMO, companies without clearance to operate as HMO, Dennis B. Funa, Department of Health, Emmanuel F. Dooc, Executive Order No. 192, fly-by-night firms, former presidents, Goldmed, Health, health maintenance organization, health maintenance services, Health Services, HMO, Insurance Commission, Insurance Commissioner Emmanuel F. Dooc, Insurance Deputy Commissioner Dennis B. Funa, Laws, laws and regulations, MCN Global Holding Corp., Nation, news, paid-up capitalization, public advisory, regulations, standards, warning to public
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