THE INSURANCE COMMISSION (IC) has lifted the cease-and-desist order it issued against Forticare Health Systems International, Inc. (FHSII), allowing the firm to exit conservatorship after nearly six months.
The cease-and-desist order was lifted effective Jan. 17, releasing the company from conservatorship, the IC said in a notice dated Jan. 20.
“The issued order of this Commission is without prejudice to other findings/actions it may take upon the completion of the Company’s 2024 Audited Financial Statement verification/examination,” it added.
The IC issued the stop order versus the health maintenance organization (HMO) and placed it under conservatorship on July 31, 2024, due to its inability to comply with the regulator’s minimum capitalization and financial capacity requirements, prohibiting it from conducting business.
Latest available IC data showed that FHSII booked a net income of P4.81 million and had assets worth P134.79 million at end-September 2024.
Its liabilities stood at P11.80 million in the period, while it recorded revenues worth P47.499 million and expenses worth P42.69 million.
Meanwhile, the HMO industry posted a combined net income of P800.86 million at end-September 2024, improving from the P2.15-billion net loss booked in the same period a year prior. — A.M.C. Sy
IC lifts stop order against HMO
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