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July 29, 2010

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Ohio Investment Fraud Lawyers

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Ohio Department of Insurance Places DayMed Health Maintenance Plan into Liquidation

COLUMBUS – The Ohio Department of Insurance (ODI) today filed a complaint in Franklin County Common Pleas Court to place DayMed Health Maintenance Plan, Inc. ("DayMed") into liquidation. DayMed is a health insuring corporation licensed to conduct business primarily in southwest Ohio. An Order of Liquidation and Appointment of Liquidator ("Order") was consented to by the boards of directors of DayMed and its parent company and approved by Judge Michael Watson of the Franklin County Common Pleas Court. This action was taken due to the poor financial condition of DayMed.

The complaint seeks appropriate relief to protect DayMed’s policyholders, enrollees, creditors, and the public, and the Order directs the Liquidator to collect and liquidate the assets of DayMed. Under the Order, all litigation against DayMed is stayed.

Pursuant to ORC § 1751.13 and the applicable contracts, the Order mandates that DayMed providers shall continue to provide contracted services to enrollees. By law, DayMed providers are also specifically prohibited from initiating or continuing any collection actions against DayMed members or enrollees, except for applicable co-payments.

Providers are in violation of Ohio law if they seek compensation from members or enrollees or fail to continue to provide contracted services. If providers violate the law, the Department will pursue legal action (Previously, during the liquidation proceedings of Magnacare Health Plan which began in 1991, the Department did obtain a preliminary injunction order requiring contracted health care providers to comply with this law).

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Contact a Investment Fraud Attorney for the following Ohio cities:

Alliance
Ashtabula
Barberton
Beachwood
Bowling Green
Brunswick
Canton
Chillicothe
Cincinnati
Cleveland
Columbus
Dayton
Delaware
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Eastlake
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Fairborn
Fairfield
Findlay
Grove City
Hamilton
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Lancaster
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Mason
Massillon
Medina
Mentor
Middletown
Newark
Painesville
Reynoldsburg
Sandusky
Stow
Toledo
West Chester
Westerville
Wooster
Xenia
Youngstown
Zanesville

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	Did You Know?
	Investment fraud targets the elderly more so than any other demographic. Investment fraud, like telemarketing fraud in general, often targets older people, who may be least able to afford the hit to their savings accounts.

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