President Benigno S. Aquino III has transferred the regulation and supervision over health maintenance organizations (HMOs) from the Department of Health (DOH) to the Insurance Commission (IC). In his Executive Order number 192 signed last November 12, Aquino said the IC shall now be responsible for the rules and guidelines on establishment of HMOs, including minimum capitalization as well as licensing and registration. Emmanuel F. Dooc The president also said IC will oversee the solvency of HMOs and the prevention of fraud as well as other deceptive practices of the industry. For his part, Insurance Commissioner Emmanuel F. Dooc said they are ready to take on this transfer of responsibility. “We have championed good corporate governance among insurance companies for the benefit of everyday Filipinos availing of insurance products,” Dooc said in a statement. “We have promoted the solvency and stability of the insurance and pre-need industries to protect the [...]
