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IOR Administrator
Dated: 25 July 2002
PHIAC TAKES ADMINISTRATIVE DECISION ON IOR HEALTH FUND
The Private Health Insurance Administration Council (PHIAC) today appointed an administrator – Mr Tony McGrath of KPMG - to IOR Australia Pty Ltd, a registered private health insurance organisation, based in Box Hill, Victoria.
PHIAC is working with IOR Australia to ensure that the statutory safeguards established to protect health insurance members by the Federal Government can be met.
The decision to appoint an administrator will not affect IOR’s Friendly Society membership. PHIAC’s administrative action is only directed at IOR’s health insurance arm.
This early intervention is being undertaken to protect the interests of IOR’s members. There will be no cessation of members receiving their benefits and operations are continuing as per normal.
"IOR Australia’s members can be confident that their health fund memberships and all services they are insured for will be honoured in full," PHIAC CEO Gayle Ginnane said today.
About PHIAC
The The Private Health Insurance Administration Council (PHIAC) is an independent statutory authority that regulates the private health insurance industry.
For more information please contact: Gayle Ginnane, PHIAC Chief Executive Officer (02) 6215 7999 or 0419 285 313.