Investigation leads to monetary penalty and discontinued operations for company
June 26, 2024 - SACRAMENTO, Calif. — A Department of Insurance investigation has resulted in an Order to Cease and Desist and a monetary penalty against Jericho Share after it was discovered the company was illegally selling health insurance products to thousands of California consumers.
During the investigation the Department interviewed several California residents that became Jericho Share members in 2021 and 2022 and experienced problems regarding coverage for medical issues and cancellation of their membership.
The investigation found Jericho Share is not currently licensed or authorized by the Insurance Commissioner to act in any capacity regarding the transaction of insurance in California.
The company sold misleading lookalike health plans marketed as “health care sharing ministries” that do not comply with California laws put in place to protect consumers. These plans were marketed as cheaper alternatives to traditional coverage when, in reality, they do not provide comprehensive coverage for pre-existing conditions and other coverage as required by state and federal laws.
The investigation and resulting order will require Jericho Share to pay a monetary penalty of $10,000 and permanently discontinue operations in the State of California.
The Department urges consumers who purchased products from Jericho Share to contact Covered California at (855) 295-4357 or online at www.coveredca.com, to determine if they have experienced a qualifying life event that entitles them to a special enrollment opportunity.
Consumers are also encouraged to contact the Department of Insurance’s Hotline at (800) 927-4357 to learn about their options or to file a complaint if they were faced with unexpected costs or other problems with Jericho Share, or any other health care sharing ministry.
Notes:
- Order to Cease and Desist and Notice of right to hearing
- Order adopting Stipulation
Source: CA. Dept. of Ins.
