The Insurance Commission (IC) has placed insurer Philippine Prudential Life Insurance Co. (PPLIC) under its conservatorship for failing to comply with regulatory requirements.
In an advisory posted on the IC website, the regulator said PPLIC’s authority to sell new insurance products was suspended.
The IC appointed lawyer Moises Balon as temporary conservator to ensure PPLIC is able to meet regulatory requirements.
A conservator is mandated to immediately take charge of the company’s assets, liabilities and management, collect all money and debts due it and exercise all the powers necessary to preserve its assets, reorganize its management and restore its viability.
If PPLIC fails to meet all requirements within an agreed timeframe, the insurer will be placed under receivership or for liquidation.
“Parties having any issue or claim against the company are hereby notified to file it with the Conservator together with all supporting documents failing the nature of the issue or the character, basis and amount of each and every claim, either personally or by mail directly with the said appointed Conservator at the Office of the Conservator…” the commission noted.
As of December 31, 2015, the company’s total assets stood at P1.06 billion. The amount of claims paid was more than P313 million while total investment amounted to P413.36 million. Its premium income reached P918 million in 2015.