According to BusinessWorld’s Diane Claire J. Jiao, 17 firms have already obtained their licenses from the Insurance Commission to sell pre-need plans in the Philippines for the year 2011.
I looked at the IC website, but the news is not yet posted there. Perhaps because the list is not yet complete. The BusinessWorld report said that there are still 4 firms whose applications are pending, and that the deadline for license application is the end of February 2011.
The pre-need firms missing in the 2011 list which were in the SEC list as of December 2009 are:
- Abundance Providers and Entrepreneurs Corporation (APEC) (formerly Pacific Plans)
- Danvil Plans (formerly Berkley International Plans)
- First Country Plans
- Grayline Plans
- Trusteeship Plans
UPDATE as of Feb 25, 2011:
The 18th and 19th pre-need firms licensed to sell plans this 2011 are Trusteeship Plans and APEC, based on a report by BusinessWorld. APEC, however, is authorized to sell only life plans, not pension and educational plans as its educational portfolio is still under a rehabilitation plan. APEC though is servicing its pension and fixed-value educational plans.
It’s a relief to know that the IC examined the finances of the 17 pre-need firms before giving them their licenses and that these firms passed them. This means that these firms are strong because they survived the tumult in the pre-need sector. It’s also great that the IC is making sure that the remaining 4 firms with pending applications pass the requirements.
Based on the report, the IC examined the following:
- trust funds of the pre-need firms
- financial statements
- response to claims by planholders
- minimum paid-up capital
- types of investments
For those wondering about Danvil Plans, I don’t know if it’s among the 4 with still pending license applications. If the report is true that its portfolio was acquired by Philippine Prudential Life Insurance Company (PPLIC or Prudentialife), then it makes sense that it’s no longer in the list.
It was PPLIC which processed my benefit claim last October 2010. And it’s still processing Danvil Plans claims, from my latest update. PPLIC is an insurance firm — it’s in the list of 30 firms with renewed licenses for the year 2011. It’s also among those with highest premium profits.
I’ll post the final list of firms licensed to sell pre-need plans in the Philippines when the list is already on the IC website.
Here’s the list of firms licensed to sell pre-need plans in 2010:
Pre-need Companies in the Philippines Now under Insurance Commission
Life Insurance Companies in the Philippines With Licenses Renewed for 2011