Conservator named for insurance firm

The Insurance Commission has placed homegrown life insurance firm Philippine Prudential Life Insurance Co. Inc. under conservatorship.

In a notice to the public, the commission said it had suspended Philippine Prudential’s authority to sell new insurance products pending compliance with regulatory requirements effective Nov. 4.

An Insurance Commission official reached by phone could not say why Philippine Prudential was placed under conservatorship.

The Insurance Commission said it had appointed Atty. Moises A. Balon as Philippine Prudential’s conservator.

“Parties having any issue or claim against the company are notified to file it with the conservator together with all supporting documents detailing the nature of the issue or the character, basis and amount of each and every claim, either personally or by mail,” the commission said.

According to its website, Philippine Prudential was founded in 1963 by the late businessman and philanthropist Daniel L. Mercado Sr.

At present, Daniel’s grandson Gregorio “George” D. Mercado is the firm’s president and chief executive. George had also served as head of industry association Philippine Life Insurance Association. BEN O. DE VERA