The Philippine Insurance Commission issued clarification regarding the supposed CAP Liquidation and deadline of claim filing for qualified and eligible plan holders which is mentioned to be this September 1, 2017.
The Philippine Insurance Commission advised that the Notice issued by them only pertains to CAP-General Insurance Corporation, a non-life insurance company and will only affect eligible plan holders of CAP-General plans.
College Assurance Plan, Inc or “CAP-Education” is NOT COVERED by the notice of liquidation and claim filing. The same way that the Comprehensive Annuity Plans and Pension Corporation or “CAP-Pension” is also NOT COVERED by the Notice published by the Insurance Commission last April 21, 2017.
For CAP – Pension Plan Holders
As of 2017 CAP Pension is under conservatorship by the Philippine Insurance Commission.
For CAP-Education Plan Holders
As of 2017 CAP – Education case is still undergoing court-assisted corporate rehabilitation before the Honorable Regional Trial Court of Makati, Branch 149.
For CAP – Pension and CAP – Education – The Insurance Commission is still awaiting decision from the Supreme Court to lift the existing TRO on these two pre-need companies and / or payment of claims.
So as of August 2017, payment of claims are still temporarily suspended for both CAP Pension and CAP Education.
When will CAP pension and educational plan holders start claim filing and be paid? No definite time frame yet.
For CAP – General Plan Holders
If you are a CAP – General claimant, you may address any inquiries about claiming process to the officer in charge for CAP General Insurance Corporation (CAPGEN). The status of this corporation is now under “Liquidation”.
Receiver: Atty. Rhodela Virginia V. Garcia
Address: CAP Building, 126 Amorsolo St.
Legaspi Village, Makati City
Email: capgen. email@example.com
Again, the liquidation notice released by the Insurance Commission concerns CAP-Gen ONLY (CAP Education and CAP Pension not covered).
Make sure to file your claim as instructed before September 1, 2017. Failure to do so will forever forfeit your claims againts CAP-Gen.
This statement is from Commissioner Dennis B. Funa:
“Claims filed after September 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”
How to File Your Claim
You must file your claim under oath with the Liquidator BEFORE September 1, 2017.
You must present all supporting documents detailing the character, basis, and amount of each and every claim.
You can file the claim either personally or by mail directly with the liquidator’s address, c/o the Insurance Commission.
For questions, please contact directly the Commission via email or by calling the numbers indicated above or by visiting their office (recommended).
Do not miss this chance to file your claim against CAP General Insurance Corporation.
Should there be updates on CAP Pension and CAP Educational plans and claims, iSensey will update our readers via a new post.