The Insurance Commission on Monday warned the public to refrain from making any insurance or pre-need transactions with unlicensed companies, especially Golden Age Elderly Care Inc. (Golden Age) and Benevolent Care Program Association (Benevolent Care).
Insurance Commissioner Dennis Funa said the agency issued the warning after the Commission found out that the companies mere continuations of Majar Senior Citizen Damayan Inc. (Majar Damayan) and Majar Insurance Agency and Business Ventures Inc. (Majar Insurance), which were earlier ordered to cease and desist from doing insurance and pre-need activities.
The regulator issued the cease-and-desist order against Majar Damayan and Majar Insurance in 2015 and 2017, respectively, after they were found offering insurance and pre-need products without securing a secondary license from the commission.
“Despite the cease and desist order issued by the IC against Majar Damayan and Majar Insurance, they continue to accept members and investors through other entities under different names,” Funa said in a statement.