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Another HMO placed under conservatorship
The Insurance Commission (IC) has placed Getwell Health Systems, Inc. (GHSI) under conservatorship due to its inability to comply with capitalization and financial requirements.
IC Commissioner Reynaldo Regalado stated that the conservatorship will allow the regulator to manage GHSI until its viability is restored.
The IC cited GHSI's failure to meet capitalization, financial capacity, and security deposit requirements as reasons for the action.
GHSI is prohibited from engaging in any new health maintenance organization business.
While GHSI's paid-up capital of P15 million and capital stock of P60 million were above minimum requirements as of end-2024, its assets stood at P142.62 million.
The conservatorship is in accordance with Executive Order No. 192, Series of 2015 and related circular letters.
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