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Ecuador: Regulator raids pre-paid medicine companies

By  |  November 15, 2016

Competition and market regulator SCPM has imposed a number of pre-emptive measures against several pre-paid medicine companies and insurance agents offering medical assistance plans. Among the measures is a temporary halt to all unilateral policy contract terminations to all companies that have been notified by customers. Deputy SCPM Superintendent Christian Ruiz has confirmed a number of raids were also carried out as part of this resolution.

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    “The measures were issued by the SCPM through its Resolution Commission on October 27. We made these decisions public in a press conference on October 31st. The decision was motivated by a request from the Ecuador Institute of Social Security (IESS), which made us aware of several complaints against these operators, who had sent documentation to unilaterally revoke contracts” said Mr. Ruiz.

    Regarding the rise in prices for policies, Ruiz explained that the SCPM is not authorized to set prices, but only to encourage economic agents to respect the clauses within the contracts with consumers. “We are not a price-fixing agency, but we have some control over compliance with contracts.”

    Full Content: Ecuador Inmediato

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