Oklahoma Insurance Commissioner Kim Holland issued an Emergency Cease and Desist Order to HealthShare America for acting as an insurance company without having a Certificate of Authority and complying with specific requirements for authorized insurers.
Through an investigation, the Oklahoma Insurance Department’s Anti-Fraud Unit located a website operated by HealthShare America that offered major medical plans ranging from $100 per month to $250. The company also claimed to provide comprehensive coverage with no deductibles and to accept individuals with any pre-existing conditions.
HealthShare claimed to be a co-op healthcare benefits plan, not an insurance company. However, a training manual that turned up in the investigation instructed sales representatives to claim “HealthShare America is the best insurance plan in the area.”
If HealthShare America violates the order, Commissioner Holland may impose a $25,000 penalty for each act of violation or force them to pay restitution to all Oklahomans damaged by the violations.