From that date, CSHI “may still submit a proposal for rehabilitation within 90 days, otherwise [the company] will be placed under liquidation,” Regalado said.CSHI is further barred from selling, transferring or disposing of any asset without the approval of the IC.According to CSHI records from the annual stockholders’ meeting held last March 1, the company’s liabilities from its products sold from 1998 to 2017 ate up 90 percent of its reserves.
Also, CSHI incurred a net worth deficiency due to the strict application of both accounting and actuarial standards imposed since 2015. This was when the HMO business sector was placed under the regulatory authority of the IC.Subscribe to our daily newsletter
Source: Healthcare Press (healthcarepress.net)
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