April 18 deadline looms for Loyola Plans claimants

April 18 deadline looms for Loyola Plans claimants

/ 04:45 AM April 17, 2024

MANILA, Philippines — Clients of Loyola Plans Consolidated Inc. have only until April 18 to file their claims against the distressed preneed firm with the Insurance Commission (IC), which had declared it under liquidation effective end-September.

Applicants must submit supporting documents and/or relevant proof detailing the character, basis and amount of their claims.


READ: Loyola Plans can’t sell new pre-need deals after it’s placed under conservatorship


Those filed beyond the deadline would be barred from normal liquidation proceedings and referred to the preneed firm for reconsideration in its dissolution and winding up proceedings.

To protect the interest and welfare of Loyola Plan’s clients, the IC issued a notice of liquidation requiring planholders and creditors to submit their claims against the company, which was considered financially incapable of paying off benefits and debts.

Loyola Plans was also barred from resuming operations and from writing new business.

Before this, regulators gave the company a chance to fix its finances when they placed it under conservatorship in 2019, and then under receivership in June 2023 after it was deemed insolvent. —IAN NICOLAS P. CIGARAL

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TAGS: IC, Loyola Plans, preneed

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