LOYOLA Plans Consolidated Inc. said it already paid a total of P82 million to its plan holders and will settle the remaining claims on a “first in-first out” basis, the Insurance Commission (IC) said on Monday.
In a statement, the commission said that acting upon the directive of Insurance Commissioner Emmanuel Dooc, Loyola Plans submitted a detailed action plan with a specific timeline relative to the payment of the unsettled outstanding claims of Loyola plan holders.
In a letter addressed to Dooc, Loyola Plans said that plan holders would be paid based on the first in-first out basis, which means that plan holders whose plans matured first would be paid first.
Jesusa Concepcion, chairman and president of Loyola Plans, said that the insurance firm had already paid a total of P82 million since April to settle the outstanding claims of its plan holders.
Loyola Plans said it expects to generate P27 million in the next two weeks which will be used to pay its remaining unsettled obligations.
In the same letter, Concepcion said that “our assets are of good quality, thus liquidating them is not too difficult.”
Last month, Loyola Plans offered to infuse its non-cash assets, consisting of real properties, to fully cover up the deficiency in its trust fund.
Out of the 464 claims endorsed by the IC to Loyola Plans, only 287 accounts were verified and 25 were removed from the list because of duplication of entries, the regulator said.
Meanwhile, it said the remaining 152 accounts are pending verification because of the lack of supporting documents submitted to the company.
In the checklist of requirements provided by Loyola Plans, plan holders are required to submit complete documentary requirements, namely: original certificate of full payment, duly signed and filled up timeplan benefit availment request form, and photocopy of valid ID with signature and picture.
For his part, Dooc advised the plan holders of Loyola Plans with matured plans and availing benefits to submit the complete documentary requirements in order to avoid any delay in the processing of claims.
“The Insurance Commission is continuously monitoring the settlement of Loyola’s unsettled obligations to its plan holders. Earlier this month, I wrote a letter addressed to Loyola requiring it to regularly communicate with us on the status of its unsettled claims and to designate officer/s or employee/s who will be the counterpart of the Commission’s Crisis Management Team,” he said.
Dooc earlier formed a Crisis Management Team composed of officers and employees of the IC to oversee the processing and payout of the unsettled claims of Loyola plan holders.
“I ordered Loyola Plans to submit a report to this Commission on matured plans, availing plans and other related documents with comparison to the total amount of the plans vis-à-vis the trust fund for claims settlement, including the list of maturing policy with corresponding amount and date of maturity. I likewise ordered Loyola Plans to submit its weekly cash position report on a weekly basis,” he added.
Plan holders with matured and availing benefits who had previously filed their claims are advised to visit the website of Loyola Plans for the schedule of the release of checks.
Loyola Plans also said they will notify the plan holders individually by phone on the schedule for the release of their checks.