Loyola Plans Consolidated Inc., the troubled pre-need company, closed all nine provincial branches as its centralizes its operations in Makati City, the Insurance Commission said Thursday.
Insurance commissioner Emmanuel Dooc said the closure of the nine branches of Loyola Plans was a part of the company’s plan to centralize its operations in its head office.
“Based on the initial meeting with Loyola Plans, it explained that the closure of some of its branch offices was in furtherance of its ongoing plan to centralize its business operation in its head office in Makati as it was no longer viable for the company of maintain its branch offices,” Dooc said.
Dooc, however, said the commission had not yet received a formal explanation from Loyola Plans for the closure of the nine branches.
Loyola Plans closed its branch offices in Dagupan City, Tugegarao City, Lucena City, Los Baños in Laguna, Legaspi City, Cebu City, Lapu-Lapu City, Bacolod City and Davao City.
Loyola Plans president and chief executive Jesusa Puyat Concepcion assured plan holders in the provinces that standard operating procedures were placed on the handling and processing of claims.
Concepcion this week offered more than P1.8 billion worth of non-cash assets to IC for liquidation in order to cover its P238-million trust fund deficiency.
IC said about 36 checks were already given to policy holders who filed their claims with Loyola Plans head office in Makati.
“Loyola Plans already started paying out overdue matured benefits to its plan holders as early as Monday afternoon. Yesterday, Loyola Plans already released the checks due to 36 plan holders who have filed a claim before it,” the IC said.
IC said it was also set to release 61 checks representing the payment for matured benefits of the plan holders who had filed complaints against Loyola before the pre-need regulator.
IC said it had received 95 complaints against Loyola Plans for non-payment of matured benefits since March 31, 2016.
It said all 95 complaints were already addressed by Loyola Plans while 13 were previously settled, 20 were pending for verification by Loyola and were being processed for the issuance of checks and 61 checks were ready for releasing.
“We want to assure the plan holders of Loyola that the company will honor and make good all its commitment and obligation to its plan holders as they fall due. We are closely monitoring the claims settlement process of Loyola to fast track the release of over due claims. The commission will issue further announcement and advisory with regard to this matter,” Dooc said.