MANILA -- The Insurance Commission (IC) has asked four health  maintenance organizations (HMOs) in the country to stop offering products that have unauthorized investment options.

IC Commissioner Dennis Funa said HMOs should only offer products with one-year term but around four of the 28 HMOs operating in the country are offering products that give their clients investment options.

“That is one thing that we saw recently so we will ask them to stop selling these products,” he told reporters recently.

Funa, however, pointed out that IC officials “have to accept that it’s not entirely their (the HMO officials’) fault because during all the time that they were with the DOH walang (there’s no) product approval system process, they can make their own product.”

HMOs were previously regulated by the Department of Health (DOH) and were only transferred under IC through Executive Order (EO) issued on Nov. 17, 2015.

Funa said the concerned HMOs will be asked to stop offering the insurance-linked products but stressed that the IC will help these companies in coming up with new products.

He said these concerned companies will be penalized once IC found out that they still offer the investment-linked products.

HMO clients, who bought investment-linked products, would still be honored, Funa added. (PNA)