Philippine Prudential Life Insurance Company

June 8, 2018:

Thank you very much, Jun P., for patiently replying to all those asking about PPLIC.
You’re a big big help to them and to me. We can’t thank you enough. 

 

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:

Notice is hereby given that Phil. Prudential Life Insurance Co. Inc. (PPLIC) previously placed under conservatorship and receivership for cause by the Insurance Commission is now due for liquidation. The Insurance Commission appointed Atty. Iris Sylvia Lucero Bonifacio as liquidator effective Feb. 7, 2018.Parties having claims against the company are hereby notified to file their claims under oath with the liquidator not later than 180 days from the date of the last publication of the notice on Mar. 16, 2018 or until Sept. 12, 2018 together with all supporting documents detailing the character, basis, and amount of each and every claim either personally or by mail directly to the liquidator’s address at 5th floor, AIC Burgundy Tower, ADB Ave. corner Garnet and Sapphire Roads, Ortigas Center, Pasig City or the Insurance Commission 1071 UN Avenue Manila, for consideration in the company’s liquidation pursuant to pertinent provisions of the Amended Insurance Code.Claims filed after Sept. 12, 2018 shall be barred forever and shall not be allowed to participate in any manner whatsoever in any kind of disposition, partition, distribution or settlement in the liquidation proceedings against the abovementioned insurance company.

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.
insurance failure girl sad
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:

Dear PPLIC Policyholder,
Philippine Prudential Life Insurance Corporation (PPLIC) had been placed under liquidation by the Insurance Commission and appointed the undersigned as the Liquidator of the company. The Liquidator took her oath of office on 07 February 2018.

With the current financial position of PPLIC, it is in the condition of insolvency as defined under Section 200 of the Amended Insurance Code, that states:

xxx “The term Insolvency means the inability of an insurance company to pay its lawful obligations
as they fall due in the usual and ordinary course of business as may be shown by its failure to maintain the solvency requirements ” (emphasis and italics supplied.)

It is for this reason that PPLIC was placed under liquidation since the Insurance Commissioner had determined that it is insolvent as defined in the Insurance Code. It cannot resume business with safety to its policyholders and creditors and as public interest requires, ordered its liquidation. The Commissioner had designated a Liquidator who, with convenient speed, reinsure its outstanding policies, convert the assets of the PPLIC to cash, sell, assign or otherwise dispose of these to the policyholders, creditors and other parties for the purposes of settling the liabilities or paying the debts of PPLIC. The Liquidator may also institute such actions as may be necessary in the appropriate court to collect and recover accounts and assets of PPLIC and to do such other acts as may be necessary to complete the liquidation as ordered by the Commissioner.

As Liquidator, I have to hire an IC-accredited external auditor to audit the financial statements of PPLIC and hire an accredited Actuary to determine the liquidation value of PPLIC’s liabilities to its policyholders and other creditors.

I must also take control of all the assets of PPLIC and convert the same to cash for its distribution according to the approved Liquidation Plan. Note that properties of PPLIC must be sold in a public auction or negotiated to at least three (3) prospective buyers so publication of the sale must be made. For club share to be sold, preferential rights of the club must be observed. For shares of stocks, the current market value will be the basis for the selling price.

In accordance with CRL Memo No. 10-2009 of the Commission, liquidation must should be finished within two (2) years from the date of appointment or within six (6) months from the date of the prescription period given through publication to claimants to file their claims, whichever comes later.

So, dear policyholder, please await the Notice that will be published in a newspaper of general circulation (usually the Philippine Star) for you to file your claim (s).

Atty. Iris L. Bonifacio
Liquidator

 

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:

Insurance Commission
Thru Atty. lris Sylvia Lucero Bonifacio
Suite 507 Pacific Center Building
San Miguel Ave., Ortigas Business Center
1605 Pasig City

or

Insurance Commission
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
Phone: 902-2330

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
    640,144,183  pesos
  • 17th in ranking based on first-year premium as of December 31, 2009
    207,613,865
  • 22nd in ranking based on paid-up capital as of December 31, 2009
    123,807,730 pesos

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.

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