The Insurance Commission on February 3, 2012 issued a “Stay Order” on the request of troubled pre-need firm Prudentialife Plans Inc. for corporate rehabilitation.
With the “Stay Order” decision, all payment of claims by planholders effective February 6, 2012 are suspended. That means starting February 6, all Prudentialife planholders cannot file for any claims against the company until its corporate rehabilitation plan is approved. All claims being processed, however, as of February 6 will still be honored and funds will be released to planholders.
Notice to Prudentialife planholders and other stakeholders
The Insurance Commission directs all Prudentialife planholders, stockholders, creditors, and other interested parties to view and comment on the verified proposal for corporate rehabilitation submitted by the company. Details of the proposal are available at Prudentialife’s website. Deadline of comments on the said rehabilitation plan is on February 25, 2012.
Planholders and other interested parties are also encouraged to attend the consultation hearings scheduled on March 2 and 13, 2012, 9 am, at the IC Board Room, 2nd Floor of the Insurance Commission building at United Nations Avenue in Manila. The sessions will discuss the process of corporate rehabilitation for Prudentialife.
