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Pre-need Companies in the Philippines Now under Insurance Commission
Pre-need companies in the Philippines are now under the supervision of the Insurance Commission.
The pre-need law was passed in December 2009 and the implementing rules and regulations (IRR) were signed in March 2010.
Visit the website of the Insurance Commission at insurance.gov.ph, and you will see the pre-need code and the IRR already published on the site.
You will also see the list of the 23 pre-need firms under Directory of the IC home page. However, the list on the IC was still the list previously prepared by the SEC.
The list includes the 23 pre-need firms that were licensed to sell pre-need plans as of December 2009:
- Abundance Providers and Entrepreneurs Corporation (APEC) (formerly Pacific Plans)
- AMA Plans
- Ayala Plans
- Caritas Financial Plans
- CityPlans
- Cocoplans
- Danvil Plans (formerly Berkley International Plans)
- Destiny Financial Plans
- Eternal Plans
- First Country Plans
- First Union Plans
- Grayline Plans
- Himlayang Pilipino Plans
- Loyola Plans Consolidated
- Manulife Financial Plans
- Mercantile Careplans
- Paz Memorial Services
- Philplans First (formerly Philam Plans)
- Provident International Plans
- St. Peter Life Plan
- Sun Life Financial Plans
- Transnational Plans
- Trusteeship Plans
The only two changes from the May 2009 list are:
- the addition of APEC to the list
- change of name of Philam Plans to Philplans
For those who have complaints, inquiries or claims, you can address them to:
Public Assistance & Information Division
523-8461 to 70 local 102, 103, 105
pubassist@insurance.gov.ph
Updates on Danvil Plans and Other Pre-need Firms from March to May 2009
March 13-19
At the Senate hearing on pre-need firms, former Legacy executive Carolina Hinola accused SEC Commissioner Jesus Enrique Martinez of covering up Legacy’s financial problems after accepting gifts from Legacy, including a 5-million-peso house and lot and a 1.5-million Ford Expedition from Legacy head Celso de Los Angeles.
Insiders also claimed that Martinez tried to broker the sale of Danvil Plans to the Legacy Group. The sale did not push through after Danvil Plans backed out of the deal allegedly upon the advice of other top pre-need executives.
(Martinez died on May 6 due to colon cancer complications.)
