Just recently the Insurance Commission (IC) called the attention of Loyola Plans Consolidated Inc for the apparent shortage of the company’s trust fund.
Where it stands now, this pre-need company trust fund deficiency is as much as P238M. The Trust Fund shortage is spread into the following:
- P66 million for life plans
- P120 million for pension plans
- P50 million for educational plans
The Insurance Commission has issued statement last week that IC will take over this pre-need company and put Loyola under conservatorship if the company does not come up with the cash needed to cover the trust fund deficiency.
The good news is that the Insurance Commission announced today April 18,2016 that Loyola has enough non-cash corporate assets that can cover the shortfall. These assets will be liquidated, and the money that will be raised will then be injected into the Trust Fund. Once done, all claims will be serviced accordingly under supervision of the IC.
However, asset liquidation will take time since the mentioned assets includes buildings, condominiums, other real estate properties. This means further delay before plan holders can get receive their check payments.
The Insurance Commission and Loyola is still reconciling and processing documents of all matured plans. But that there have been payment checks released to several plan holders to date, and they are working as best and fast they can to service all other waiting plan holders.
For those who have already filed claims you are advise to wait for your check payment. When will you have it? No definite timeline yet. Continue to follow-up at the Loyola Makati office or with the Insurance Commission.
REQUIREMENTS TO FILE CLAIM
If your plan is already matured and you have not filed your claim yet, you can do so now. Just bring the following required IDs and documents when you go to Loyola Makati office to file your claim. An IC officer will also be there at the office to help out plan holders.
- Certificate of Full Payment or Receipts
- 2 Valid IDs
- Special Power of Attorney or SPA – If you can’t personally go to the Loyala head office in Makati because you are in the province or outside the country execute an SPA.
PETITION STARTED BY A PLAN HOLDER
In case you are a Loyola policy holder affected by this issue, there is a Change.org petition addressed to the Insurance Commission and Loyola Plan Consolidation Inc. The petition is for Loyola to release plan holders check on time. If you want to sign this online petition, visit this link.
Two of the disgruntled plan holders who are still waiting for their checks for a long time now left these comments on the Change.org petition.
To contact Loyola Plans Makati office, kindly call them at (02) 892 5626, (02) 892-6061, mobile numbers 09215328729 or 09228182706 or via trunkline 028170000. Or visit the Makati office at address Loyola Bldg 849 A. Arnaiz Avenue, Makati City.
In case you want to contact the Philippines Insurance Commission, here are the contact numbers for public assistance (02) 523 8461 to 70 Local 127 or 103. or (02) 404 1758.