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Friday, March 29, 2024

Insurance firm accused of manipulation

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A businesswoman with disability on Monday accused giant insurance firm Philippine America Life and General Insurance Co. of manipulating her 359 insurance policies worth P101 million since 1990.

At a news conference in Quezon City, Mona Tan, owner of an auto supply in Binondo, Manila, urged the Insurance Commission to revoke the certificate of authority granted to Philamlife and its agents—Leticia Ang, Vicente Ang and Ernesto Lim—“on the ground that their method of business is such as to render its proceedings hazardous to the public or to its policy-holders.”    

She presented to the media a 16-page complaint filed against the respondents with the Department of Finance’s Insurance Commission.

She said she had been a client of Philamlife since 1990 and bought 359 insurance policies for her family members and employees worth P101 million, adding she trusted the Angs and even allowed them to manage and keep track of her policies “with little supervision.”

She complained she gave the two respondents full access to her records and followed their advices, and that the Angs duped her when they did not her options when choosing insurance products and their specifications.

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Moreover, Tan, a senior citizen, said she would give Leticia Ang payments for premiums.

In December 2013, Tan’s daughter found out that her mother supposedly surrendered their policies, “which she never did.”

“In view of the nature of the insurance business, all insurance companies must maintain and foster the highest standards of ethical and professional conduct among its employees, particularly its insurance agents. Insurance companies are supposed to be the first of defense of the public against unscrupulous insurance agents,” the complaint read.

“If Philamlife truly considers us as its valued and loyal customers, it should not just ignore the case we filed,” Tan told reporters.

She blamed the company management for lack of protective and security measures to safeguard its clients from abuses of its agents.

Tan’s daughter, Melissa, said Philamlife has continued to ignore their plea. 

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