Failed Insurance Companies in the Philippines, Nov 15, 2012

These are the insurance companies placed under receivership, conservatorship or liquidation by the Insurance Commission, as of November 15, 2012, based on a list published on the IC website.

Most of them are non-life insurance firms and had been unlicensed to operate for the past couple of years.

Visit the website of the Insurance Commission for the names of conservators, receivers and liquidators and their contact information.

AFISCO Insurance Corp.
Algen Insurance Corp.
formerly Acropolis Central Guaranty Corp.
Capital Insurance and Surety Co. Inc.
Cathay Insurance Co. Inc.
CCC Insurance Corp.
Central Surety and Insurance Co. Inc.
CICI General Insurance Corp.
Covenant Assurance Co. Inc.
Development Insurance and Surety Corp.
Fidelity Insurance Co. Inc.
Filipino Merchants’ Insurance Co. Inc.
Fire Services Mutual Benefit Association Inc.
First Question City Insurance Co. Inc.
General Insurance and Surety Corp.
Imperial Insurance Inc.
Insurance of the Philippine Islands Co. Inc.
Luzon Insurance and Surety Co. Inc.
Mantrust General Insurance Corp.
Mega Pacific Insurance Corp.
Nicphil Insurance Inc.
Philippine Association for Vocational Education
(PAVE) MAS Fund
Philippine General Insurance Corp.
Rico General Insurance Corp.
South Sea Surety and Insurance Co. Inc.
TICO Insurance Co. Inc.
Times Surety and Insurance Co. Inc.
Value General Financial Insurance Co. Inc.
Wellington Insurance Co. Inc.
Zenith Insurance Corp.

For liquidation:
Development Insurance and Surety Corp.
Fidelity Insurance Co. Inc.
General Insurance and Surety Corp.
Mega Pacific Insurance Corp.
Nicphil Insurance Inc.
Philippine Association for Vocational Education
(PAVE) MAS Fund
Rico General Insurance Corp.
Zenith Insurance Corp.

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Two were recently failed non-life insurance firms (were still in the list of licensed firms, released August 2010):

CCC Insurance Corp.
Insurance of the Philippine Islands Co. Inc.

The failed insurance company which has a lot of policyholders commenting on our blogs about their lost savings and investments for their children or for their old age:

National Life Insurance Co. of the Phils.

From policyholder Nice, November 19, 2012

I have 2 insurance policies with National Life Insurance. They all have been fully paid. What worries me is the expertise of the “conservators” and if there has been any success rate/record which will save the company and spare us from downfall…

I only learned that National Life is under conservatorship in October 2012 when I received a letter from the company. I put all our savings in the company to prepare for our daughter’s college education…

From policyholder Mango, September 16, 2011
I attended the meeting held at the department of finance last July 25 , 2011. The meeting included some agents of National Life, policy holders, a director from the Department of Finance, and someone from the Insurance Commission.
My mother is a policy holder and was supposed to get her money back in August 2010, the agent informed her that the company is unable to give her back her money…

There were many policy holders that were not paid, and yes, including death benefits. It was also dicussed that there is ample evidence that proves that the company directors misappropriated, and siphoned the funds into their own companies…

I have no idea why a criminal charge has not been filed against them… It appears that they have even kept the media out of it as nothing has been published to this day despite the fact that this has been going on for over a year now…

5 Comments

  1. Glenn July 30, 2013
  2. elsie24s June 13, 2013
  3. Brett.pl May 9, 2013
  4. Nors April 29, 2013
  5. Kier April 29, 2013

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