For Immediate Release:
April 5, 2023
Insurance Commissioner Places Friday Health Under Supervision
OKLAHOMA CITY – Oklahoma Insurance Commissioner Glen Mulready announced today that he has placed Friday Health Plans of Oklahoma, Inc. (Friday Health) under supervision of the Oklahoma Insurance Department (OID). Friday Health is a health maintenance organization domiciled and licensed only in Oklahoma.
Commissioner Mulready stated, “The decision to place Friday Health under supervision was not taken lightly. However, given the company’s financial situation, we determined this was the best action to protect policyholders and ensure their claims are paid.”
Friday Health is a subsidiary of the Friday Health group. The Friday Health group is Colorado-based and provides health coverage to individuals and families in multiple states. The company was founded in 2015 and had been operating the Friday Health Plans of Oklahoma HMO since 2019.
The OID has been monitoring the declining financial situation with the Friday Health group over the past year and has been in regular communication with their leadership team since late 2022 when several executive members were replaced.
The Agreed Order of Supervision requires Friday Health to continue processing and servicing its claims and members, including making timely payments during supervision. In addition, Friday Health shall demonstrate an attainable path to achieve necessary and sufficient capital and surplus as required by the Oklahoma Insurance Code.
Commissioner Mulready will designate an experienced supervisor to oversee and monitor Friday Health’s finances and claims handling to ensure members, creditors, and the public are protected.
Commissioner Mulready added, “Our primary focus is to ensure that the members of Friday Health receive the coverage and benefits they are entitled to. I will work closely with the supervisor to ensure that happens.”
For more information, members of Friday Health Plans of Oklahoma, Inc. should visit the OID website at www.oid.ok.gov or call the OID Consumer Assistance Division at 1-800-522-0071. To view the final order, click here: 23-0152-SOL State v. Friday Health Plans of Oklahoma, Inc.