4 months IC places Loyola Plans under conservatorship MB |Biz
By Chino S. Leyco Pre-need firm Loyola Plans, Inc. has been placed under conservatorship for failing to meet the minimum unimpaired capital, trust fund requirement and reportorial obligation of the Insurance Commission (IC). Dennis B. Funa In a statement, Insurance Commissioner Dennis B. Funa said Loyala Plans has the “continuing inability” to cover its capital and trust fund deficiencies, a violation under Republic Act No. 9829 or the Pre-Need Code of the Philippines. According to Funa, the fund deficiency is among the grounds for placing Loyola Plans under conservatorship. Based on the 2016 audited financial statements submitted by Loyola Plans ... more