The Insurance Commission (IC) had issued a Final Notice to the Public, which extended the deadline for submission of PPLIC policyholders of their documents to file their claim, the deadline end last 29 September 2022.
I have learned from Facebook page that some policy holder was not able to beat the dealine since they are not aware that PPLIC went under liquidation already since 2018.
However as per the latest e-mail from the liquidator, there is no definite date yet as to when the policy holders will be paid. After the filing ends, PPLIC will consolidated the list of policy holders who have submitted their documents for filing. The Liquidator is directed by the Insurance Commission to submit a certified true copy of the complete list of policyholders who had filed their claims.
The Liquidator is currently in the process of selling the assets of PPLIC. They had put its assets in a Notice of Sale in the Philippine Star on April 26, May 3 and May 10, 2020.
According to the Liquidator, PPLIC also has to pay the 2015 unpaid tax which the previous management had not paid. And that they are negotiating with BIR since this is very costly and will eat the assets of the company.
They are hastening the sale of the assets so that policyholders can be paid from their proceeds. Buyers should offer and pay the market value of these properties with the approval of the Insurance Commission. There are limited buyers but the price they offer is below the market value/zonal value of the properties.
When the assets are sold, the appointed Actuary will compute the money that will be paid to each policyholder based on the amount of their policy, payments made, and the value of sold PPLIC assets.
Policyholders will know of the status of PPLIC upon checking the website of the Insurance Commission (www.insurance.gov.ph). If there is no information regarding PPLIC that means that the sale of assets and computation of their policy value has not yet been finalized.
For complete details of the said Notice to the public please visit the link below.
For further inquiries you may reach them on the following numbers:
PPLIC Office :
Liquidator’s Office : 8638-76-18
Insurance Commission : 8523-84-61 to 70 Local 105 or 8354-0991
Or through the following official email address:
philippineprudential@
crl@insurance.gov.ph
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