MANILA, Philippines — The Insurance Commission (IC) on Monday warned against two insurers that sell pre-need and insurance products to senior citizens, as these firms were just spinoffs of previously shuttered companies.
In a statement Monday, Insurance Commissioner Dennis B. Funa said the IC had found out that Golden Age Elderly Care Inc. and Benevolent Care Program Association were “mere continuations”of Majar Senior Citizen Damayan Inc. as well as Majar Insurance Agency and Business Ventures Inc.
The IC issued cease-and-desist orders against Majar Damayan and Majar Insurance in 2015 and 2017, respectively, as these two companies had sold insurance and pre-need products despite lacking secondary licenses.
The operation of these companies have been illegal from the beginning since they were not licensed by the IC, Funa said. —Ben O. de Vera