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Wednesday, September 18, 2013

Insurance Commission List of distressed preneed firms

Insurance Commission
The Insurance Commission (IC) released a list of distressed preneed firms. The IC placed the following Preneed companies under conservatorship as of February 2012:

1. Comprehensive Annuity Plans and Pensions
2. Garden of Memories Park and Chapel
3. Ideal Pension Plans
4. Eduplan
5. Classic Plans
6. First Interstate Miltiplex Pension Plans
7. Gillamac Life and Pension Plans
8. Global Family Protection Plans
9. Holy Life Plan
10. Premiere Memorial Plans
11. Redeemer Life Plan
12. Supreme Educational Plan
13. Celestial Memorial Life Plans
14. Samson Memorial Plan
15. East Asia Plans
16. Capitol Plans
17. Excel Memorial Life Plans
18. Group Developer
19. Familicare Plans
20. Prudentialife Plans
21. Grayline Plans
22. Rhine Plans
23. Primeplan International
24. Pryce Plans
25. Pamana
26. Savior Life Plan
27. Phil Asia Care Plans
28. Danvil Plans
29. Special Plans
30. Pension and Retirement Plan

The IC later ordered the liquidation of Prudentialife Plans.

As of March 2013 there were additional of 11 distressed preneed firms whose trust funds were under liquidation either by the Securities and Exchange Commission-appointed liquidator or the corporation, and five were under rehabilitation/receivership/liquidation by a Regional Trial Court (RTC).

Preneed firms under liquidation by a SEC-appointed liquidator were:
1. All Asiaplans
2. Asian Diamond Plans
3. Family Plans
4. GEI Guaranteed Education
5. Legacy Consolidated Plans
6. Metropolitan Life Plan
7. Millennium Plans
8. OCE Plans
9. Scholarship Plan
10. Success Education Guarantee System
11. University Plans

Under rehabilitation/receivership/liquidation by an RTC are the following:
1. Abundance Provider and Entrepreneurs
2. College Assurance Plan Philippines
3. Pet Plans
4. Platinum Plans
5. TPG

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