Loyola Plans starts releasing checks to policy holders

Several policy holders of Loyola Plans Consolidated Inc., whose pre-need policies have matured, received their checks on Monday, after the company surrendered non-cash assets to the Insurance Commission (IC) to cover its P238-million fund deficiency.

A report by GMA News' Jam Sisante noted policy holders stormed the office of Loyola Plans in Makati City on Monday morning to claim their checks

While some policy holders received checks, others did not receive anything from the pre-need firm.

"We request our plan holders for patience and kind understanding. Rest assured that Loyola Plans will address all of the plan holders' concerns by paying the full amount of their claims," Benjamin Tañedo Jr., Loyola Plans AVP for Corporate Relations and Legal, said in the report.

"Kukunin po namin lahat ng nandito – info and contact numbers niyo, so we can communicate with you kailan kayo pababalikin para makuha benefits ninyo," Customer Service Officer Arsie Radovan noted.

Earlier in the day, Insurance Commissioner Emmanuel F. Dooc revealed that the company would surrender non-cash assets like "valuable real estate properties" estimated at P1.8 billion to be able to fund the deficiency and settle the claims of policy holders.

Dooc said one of the company's shareholders, Jesusa Puyat Concepcion, noted the preneed firm was willing to offer other assets to fill the fund deficiency and pay some 2,000 policy holders who have been complaining that they have not received any of their preneed claims.

In an earlier interview, Dooc said Loyola Plans has a net worth of P282 million.

"Sa makahulugan po ay pwede sila ay aming o-order-an na ilipat iyong kanilang bahagi ng corporate assets para mapunan iyong kanilang kakulangan sa trust fund deficiency nila," he said.

Policy holders may go to the Loyola Plans office on Arnaiz Avenue in Makati to get their checks, according to the IC chief.

Those who have earlier filed for claims may get their checks directly from the commission. Policy holders must bring three valid ID cards.

Aside from Loyola Plans, the IC is also looking at investigating three other insurance companies which may be short on funds.

Dooc, however, declined to elaborate noting that they are still looking into the allegations.

The IC official emphasized that investing in preneed companies are in general safe as the industry as a whole remains "healthy" and financially stable. – Jon Viktor Cabuenas/VDS, GMA News