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Philippine Phoenix Surety begins liquidation

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Philippine Phoenix Surety begins liquidation

By: - Reporter / @bendeveraINQ
/ 12:04 AM March 21, 2017

Insurance Commissioner Dennis B. Funa has given his go signal for the liquidation of Philippine Phoenix Surety and Insurance Inc.

In a notice, Funa said the Insurance Commission (IC) deemed Philippine Phoenix Surety and Insurance due for liquidation after it was earlier placed under conservatorship and receivership.

“Parties having claims against the company are hereby notified to file their claims under oath with the liquidator not later than 180 days from March 26 until Sept. 22, 2017, together with all supporting documents detailing the character, basis and amount of each and every claim, either personally or by mail directly to the Insurance Commission, for consideration in the company’s liquidation pursuant to pertinent provisions of the Insurance Code,” Funa said.

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“Claims filed after Sept. 22, 2017 shall be barred forever and shall not be allowed to participate in any manner whatsoever in any kind of disposition, partition, distribution, or settlement in the liquidation proceedings against the above-mentioned insurance company. Hence all claimants are reminded to file their claims on time,” Funa added.

In February, Funa also ordered the liquidation of CAP General Insurance Corp., which formed part of the troubled CAP group of companies.

Funa on Feb. 14 appointed lawyer Rhodela Virginia V. Garcia as liquidator of CAP General Insurance, which was issued a cease and desist order in August 2014.

Funa also reminded the public that Great Domestic Insurance Co. of the Philippines Inc. was already placed under liquidation by the Insurance Commission in May last year. The commission extended the filing of claims between March 8 and June 6 this year.

Government data showed that as of Nov. 8 last year, 44 insurance companies had been placed under conservatorship, receivership and liquidation.

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TAGS: Dennis B. Funa, Philippine Phoenix Surety and Insurance Inc.
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