CAP group member-unit up for liquidation

The Insurance Commission has approved the liquidation of a company that formed part of the troubled CAP group of companies.

In a notice, Insurance Commissioner Dennis B. Funa said the insurance regulator on Feb. 14 appointed lawyer Rhodela Virginia V. Garcia as liquidator of CAP General Insurance Corp.

Funa said the Insurance Commission earlier placed the company under conservatorship and receivership for cause.

The firm was issued a cease and desist order in August 2014.

Parties having claims against the company are urged to file their claims under oath with the liquidator not later than 180 days from March 5 or until Sept. 1, 2017 either personally or by mail directly to the liquidator’s address, care of the Insurance Commission.

The filing should be supported by documents detailing the character, basis and amount of each and every claim.

“Claims filed after Sept. 1, 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 said.
Also, Funa reminded the public that another firm, Great Domestic Insurance Co. of the Philippines Inc. was already placed under liquidation in May last year, but will grant parties who have yet to file their claims between March 8 and June 6 this year to do so.

The latest Insurance Commission data showed that as of Nov. 8 last year, 44 insurance companies had been placed under conservatorship, receivership as well as liquidation. —BEN DE VERA