“We are doing this to help foreign students comply with the requirements of Commerce,” Mike Licop, general manager of Traders Insurance said yesterday.
The health bond is a requirement to apply for a foreign student visa because the student health insurance is no longer offered in the CNMI. Two weeks ago, the Department of Commerce implemented an emergency regulation requiring foreign students to present an immediate and acceptable form of security in the form of a health bond.
The health bond will cover a minimum of $3000 worth of medical expenses annually.
The student will only be paying a premium of 2 to 6 percent for the health bond.
Traders Insurance is charging $100 for a health bond application.
“We will still evaluate the market for the health bond,” Licop said and noted that the application fee may get higher.
Century Insurance Co. Ltd., another insurance company which committed with Commerce, has not yet opened their market for the bond.
“Our application to offer the bond is still on review,” Evelyn Lapuz, Senior Underwriter of Century Insurance said yesterday.
She added the company is going to open their market for the bond as soon as Commerce gives them the “go signal.”
