The Insurance Commission has placed homegrown life insurance firm Philippine Prudential Life Insurance Co. Inc. under conservatorship.
In a notice to the public published on Friday, the Insurance Commission said it 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.
According to the Insurance Commission, it appointed Moises A. Balon as Philippine Prudential’s conservator.
“Parties having any issue or claim against the company are hereby 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 Insurance 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.
Philippine Prudential had been offering endowment plans, whole life plans, group and permanent plans, healthcare coverage, education policies and credit life insurance, its website said.
“As of Dec. 31, 2015, the company’s total assets are at P1.067 billion. Total amount of claims paid are at over P313 million while the total investments amount to P413.4 million. The total equity by the end of 2014 is P430.2 million and its total premium income in 2015 is recorded at P918 million,” Philippine Prudential said.