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Sale of IOR Australia Approved

Dated: 4 November 2002

PHIAC APPROVED SALE OF IOR AUSTRALIA TO HCF

The Private Health Insurance Administration Council (PHIAC) today approved the sale of Victorian-based health fund, IOR (Independent Order of Rechabites) to one of the nation’s biggest health funds HCF Health Insurance.

The action follows the appointment of an administrator to IOR by PHIAC in July, after PHIAC detected some early warning signals about the operation of IOR, and sought to correct its financial issues.
PHIAC CEO Gayle Ginnane said today that IOR members’ rights will be fully protected in the sale, with members having no need to fear changes to their existing arrangements with the Box-Hill based health fund.

“HCF will contact IOR members to inform them of the new arrangement but also to assure them that their health fund memberships and all the services that they are insured for will be honoured” Mrs. Ginnane said.

PHIAC’s role is to ensure that all private health funds meet minimum prudential standards – for the protection of their members. IOR Australia is Victoria’s sixth biggest health fund.

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 7900 or 0419 285 313.

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Private Health Insurance Administration Council

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Telephone 02 6215 7900 | Facsimile 02 6215 7977 | Email phiac@phiac.gov.au

Last modified: 22 July, 2005