The Insurance Commission (IC) is ready to place pre-need firm Provident Plans International Corp. under conservatorship if it would not improve its financial condition by mid-June, the Department of Finance (DoF) revealed on Monday.
According to DoF, Insurance Commissioner Dennis Funa in a report to Finance Secretary Carlos Dominguez 3rd, said the commission is “inclined to place” under conservatorship the capital “impaired” Provident Plans to protect the interests of its 38,000 plan holders if no clear improvements are seen in its financial condition by mid-June.
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