The Insurance Commission said Monday Loyola Plans Consolidated Inc. is set to pay an additional P27 million to affected plan holders in the next two weeks.
IC said Loyola Plans submitted a detailed action plan with specific timeline relative to the payment of the unsettled outstanding claims of plan holders.
Loyola Plans said in a letter addressed to Insurance commissioner Emmanuel Dooc payment to “plan holders would be based on the ‘first in-first out basis’ principle.” This means plan holders whose plan matured first would be paid first.
Loyola Plans chairman and president Jesusa Concepcion said the company already paid P82 million since April to settle the outstanding claims of plan holders.
Concepcion said in the next two weeks, the company was expected to generate additional P27 million to settle the remaining obligations.
Concepcion said that “our assets are of good quality thus liquidating them is not too difficult.”
Loyola Plans offered last month to infuse non-cash assets consisting of real properties to fully cover up the deficiency in the trust fund.
Loyola Plans offered about P1.8 billion worth of non-cash assets to IC for liquidation to fund its P238-million trust fund deficiency.
Data showed of the 464 claims endorsed by IC to Loyola Plans, only 287 accounts were verified and 25 were removed from the list due to the duplication of entries.
The remaining 152 accounts are pending verification due to lack to supporting documents submitted to the company.
Plan holders are required to submit complete documents including original certificate of full payment, duly signed and filled up time plan benefit availment request form and photocopy of valid ID with signature and picture.
Dooc advised the plan holders of Loyola Plans with matured and availing benefits to submit the complete documentary requirements in order to avoid any delay in the processing of claims.
“The Insurance Commission is continuously monitoring the settlement of Loyola’s unsettled obligations to its plan holders. Earlier this month, I wrote a letter addressed to Loyola requiring it to regularly communicate with us on the status of its unsettled claims and to designate officer/s or employee/s who will be the counterpart of the Commission’s Crisis Management Team,” said Dooc.