June 8, 2018:
Updated March 3, 2018:
Thank you very much, Jun P., for updating us here:
Latest NOTICE to the Public from the Insurance Commission, published in the March 2, 2018 issue of Philstar:
EVERYBODY, PLEASE TAKE NOTE OF THE DEADLINE. Good luck to all !
According to Jun P. who has been contacting the Insurance Commission about Philippine Prudential Life Insurance Company (PPLIC), the Insurance Commission has started the LIQUIDATION process for PPLIC on February 7, 2018.
LIQUIDATION of PPLIC means tuluyan nang magsasara ang PPLIC at ibebenta na ang lahat ng natitirang assets and properties para merong pambayad sa mga claims against the company (claims ng planholders at creditors). Thanks, Jun, for the definition.
According to Fel M, she emailed Atty. Iris Bonifacio, the liquidator of PPLIC, on Feb 21, 2018, and this email below was Atty. Bonifacio’s response. I am guessing that this email below is the standard email that Atty. Bonifacio emails to anyone emailing her asking about PPLIC. Thank you, Fel, for sharing with us Atty. Bonifacio’s response:
Instruction by the Insurance Commission to PPLIC planholders (as stated in the Insurance Commission’s Notice of Stay Order issued on September 18, 2017 regarding the receivership of PPLIC)
File and address your claims to:
Thru Atty. lris Sylvia Lucero Bonifacio
Suite 507 Pacific Center Building
San Miguel Ave., Ortigas Business Center
1605 Pasig City
Thru Atty. Iris Sylvia Lucero Bonifacio
1071 United Nations Avenue, Manila
What documents should be filed?
Wala pang na-release na formal Notice to the Public regarding Claim Filing, but while you are waiting, you can prepare your documents based on the list given to Danvil Planholders, as follows:
a. Policy Face Page
b. Contract Provision
c. Certificate of Full Payment (If plan has been fully paid)
d. Photocopy of 2 valid IDs (Passport, Driver’s License, PRC ID, SSS/GSIS ID, Company ID, PhilHealth ID and other government-issued IDs with photo and signature of the planholder)
In case of loss of any of the above documents, submit a notarized Affidavit of Loss.
NOTE: File photocopies, but be ready with the original copies.
The Philippine Prudential Life Insurance Company (PPLIC) was placed by the Insurance Commission under CONSERVATORSHIP on November 4, 2016.
PPLIC is no longer allowed to sell new insurance products pending compliance with regulatory requirements effective November 4, 2016.
Atty. Moises A. Balon has been appointed as Philippine Prudential’s conservator.
PPLIC policy holders can file their claims with the conservator together with all supporting documents detailing the nature of their claims, basis and amount of each and every claim, either personally or by mail.
Address of Atty. Balon:
Suites 305-309 3rd Floor
AIC Burgundy Tower
ADB Avenue corner Sapphire and Garnet Roads
Ortigas Center, Pasig City
Here’s a list of troubled insurance companies as of Nov 2016.
These notes below were written in 2010
Since Philippine Prudential Life Insurance Company is associated with Danvil Plans, we’re going to write some information about this company. A lot of info here were taken from the website of the Insurance Commission.
Philippine Prudential is an insurance company; it is not a pre-need firm.
It is different from pre-need firm Prudential Life Plans Inc. whose license was revoked by the SEC in 2009. These two firms are not affiliated with each other.
Philippine Prudential is one of 35 life insurance firms whose licenses have been renewed by the Insurance Commission every year for the past years. Their newest licenses are for the license year 2009 to 2010.
Of the 35 life insurance firms, Philippine Prudential is:
- 17th in ranking based on premium income as of December 31, 2009
- 17th in ranking based on first-year premium as of December 31, 2009
- 22nd in ranking based on paid-up capital as of December 31, 2009
As can be seen on both the websites of Philippine Prudential and Danvil Plans and in SM malls, the two firms use the same sales offices in SM Pampanga, SM Fairview, SM North Edsa, SM Megamall and SM Southmall.