Insurance Commission puts PPLIC under liquidation

MANILA, Philippines — The Insurance Commission (IC) has placed the shuttered Philippine Prudential Life Insurance Co. Inc. (PPLIC) under liquidation, providing policyholders only 180 days to file their claims.

“Notice is hereby given that Philippine Prudential Life Insurance Co. Inc. (PPLIC) previously placed under conservatorship and receivership for cause by the Insurance Commission, is now due for liquidation,” Insurance Commissioner Dennis Funa said in a notice posted in the IC’s website.

The IC said it has appointed Iris Sylvia Lucero Bonifacio as liquidator effective Feb. 7, 2018.

In line with this, Funa notified parties to file their claims under oath with the appointed liquidator not later than Sept. 12, 2018.

He said they should also provide all supporting documents detailing the character, basis and amount of each and every claim, either personally or by mail directly to the liquidator’s office.

“Claims filed after Sept. 12, 2018 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,” Funa said.