Medocare Health Systems Inc. is back in full control of its operations after the Insurance Commission (IC) lifted the cease and desist order that had been in place since June.
The IC had placed the company under conservatorship at the same time to stop its losses and guide its rehabilitation.
Both the CDO and the conservatorship were removed on December 16, signaling a return to normal operations.
Medocare, part of the EU Group of Companies, is owned by the family of retired Colonel Esteban Balingit Uy Jr., who continues to serve as the company’s chair.
The move is seen as a major step toward restoring investor and customer confidence.
