Loyola payout on sked–Insurance Commission

Loyola Plans Consolidated Inc. has been on track in paying plan holders’ due and valid claims, the Insurance Commission said Thursday.

Insurance Commissioner Emmanuel F. Dooc said the crisis management team installed at Loyola Plans’ head office in Makati will oversee the processing as well as the payout of claims “until such time that all those with overdue matured benefits have already been settled.”

According to the Insurance Commission, Loyola Plans had already released checks due for 36 plan holders who earlier filed claims, while 61 checks for claimants with matured benefits had been turned over to the regulator for release.

“In fact, some plan holders had already claimed their checks. These checks are all dated April 18, 2016,” Dooc said.

 Fast-track

“We want to assure the plan holders of Loyola that the company will honor and make good all its commitment and obligation to its plan holders as they fall due. We are closely monitoring the claims settlement process of Loyola to fast-track the release of overdue claims. The Insurance Commission will issue further announcement and advisory with regard to this matter,” he said.

The Insurance Commission said all 95 complaints it earlier received with regard to Loyola Plans’ nonpayment of matured benefits had been addressed, with 13 already settled, 20 pending verification and being processed for check issuance and 61 with checks ready for release.

As for reports that Loyola Plans shut down branch offices in the cities of Bacolod, Cebu, Dagupan, Davao, Lapu-Lapu, Legaspi, Los Baños, Lucena and Tuguegarao, Dooc said the company explained in an initial meeting that these nine branches were closed “in furtherance of its ongoing plan to centralize its business operation in its head office in Makati as it was no longer viable for the company to maintain its branch offices.”

“However, we have yet to receive the formal explanation of Loyola Plans regarding this matter,” Dooc said.

Loyola Plans’ president Jesusa Puyat Concepcion  assured Loyola plan holders in the provinces that they “will not be affected by the said closure of the company’s provincial branches,”  the Insurance Commission said.