SEC approves Ayala insurer's bid to convert educational plans

The Securities and Exchange Commission on Thursday approved the application of Ayala Plans Inc. to convert P50-million worth of fixed value education plans to pension plans. SEC documents showed that Ayala Plans still had unsold 421 fixed value education plans worth P74.82 million. Out of these approved plans 331 education plans would be converted to pension plans. The SEC said Ayala Plans’ conversion was qualified for “expeditious approval" as the company, among others, is not under corporate rehabilitation and has no trust fund deficiency. “Ayala Life Assurance Inc. provides the insurance benefits of the planholder in accordance with the terms and conditions of the insurance policy contract provided that he is in good health and is not below 18 years of age and has not attained 60 years of age at the time of application. The insurance coverages are Group Creditor’s Life Insurance; Total and Permanent Disability; Group Yearly Renewable Term Insurance equal to maturity value; Accidental Death and Dismemberment Benefit," the SEC said. - Cheryl Arcibal, GMANews.TV