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.)
Prudentialife Plans — License to Sell Pre-need Plans Suspended
SEC Chairperson Fe Barin reported that SEC suspended the license of Prudentialife to sell new pre-need plans because its capital buildup plan did not pass the requirements of the SEC.
Prudentialife President Jose Alberto Alba has responded to the SEC’s suspension of its license to sell new pre-need plans by saying that the firm will continue to operate as a servicing firm for its preneed plans.
He said the firm will continue to pay benefits to planholders.
He also said Prudentialife Market Resource Corp. will continue to sell health plans, mutual funds and other insurance products and will continue to pursue new opportunities beyond the preneed industry.
I’m just bothered by the last statement in the article, saying that only 2 preneed firms submitted their capital build-up plans before the deadline of April 15 — Prudentialife and Cocoplans. Cocoplans’ proposal was approved while Prudentialife’s plan was not.
What about the other preneed firms? What are their capital build-up plans?
In a related article, SEC Chairperson Fe Barin was quoted as saying that planholders affected by the suspension of Prudentialife’s license to sell pre-need plans should go to the SEC for advice.
Source/Reference: Hannah L. Torregoza, author
SEC revokes license to sell of Prudential Life Plans, firm airs side
Manila Bulletin mb.com.ph
How to File a Complaint Against Any Pre-Need Plan Company in the Philippines
Are you planning to file a complaint against a pre-need plan company in the Philippines?
On the SEC website, there are instructions on how to file a complaint. There is also a complaint form which can be downloaded.
But you can use your own format as long as you include all the necessary details.
Here is a simplified version of the SEC procedures:
1. You can file your complaint against any pre-need company in the Philippines at the SEC office along EDSA in the Greenhills area. Submit your complaint to the Central Receiving and Record Division (CRRD).
2. Who can file a complaint?
The planholder, or the legal representative, or the beneficiaries (if the planholder is deceased)
3. Where is the complaint filed?
Submit your complaint to the Central Receiving and Record Division (CRRD) of the SEC.
4. Contents of the complaint
The complaint should be written. You can use the SEC complaint format which can be downloaded from the SEC website.
- name, address and contact number of the complainant
- name of the pre-need company, main address of the company, name of the person contacted (example: name of the salesperson)
- brief statement of facts: type of plan, effectivity, number of installments paid, total payments paid, significant dates, and other facts that will support your complaint
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