The Insurance Commission said Monday it placed Himlayang Pilipino Plans Inc. under conservatorship for allegedly failing to address its insolvency issues and fill up its trust fund deficiencies.
Insurance Commissioner Dennis Funa earlier issued a cease-and-desist order against Himlayan for its “continuing inability or unwillingness to comply” with the instructions to cover up its insolvency amounting to P112.30 million and its trust fund deficiencies amounting to P184.88 million, resulting from the verification of its 2020 annual statement.
“Prior to the issuance of the CDO, the commission gave HPPI ample time to comply with these instructions. However, despite extensions granted by the commission, HPPI still failed to abide by its undertakings,” Funa said in a statement.
The IC said the company requested for various regulatory reliefs after it was apprised of the results of the verification of its 2020 annual statement, which included, requests for authority to venture into high yielding investment portfolios, suspension of the directive to fund deficiencies, and withdrawal of the excess of the trust funds for both education and pension plans. The agency denied the requests.