Securities and Exchange Commission (SEC) chair Fe Barin told the senate hearing Monday that it had prohibited Prudentialife Plans Inc. from selling new pre-need plans since April 16 for failing to comply with the Commission’s trust fund and capital requirements.
According to Barin, Prudentialife failed to present an acceptable proposal to address its capital and trust fund deficiencies. “Kaya nagdesisyon po ang commission noong Biyernes na hangga’t hindi nyo nakukumpleto, natutugunan ang pangangailangan, suspendido ang inyong lisensysa, ang dealer’s license” she said.
The company, however, said they would continue to service and honor their obligations to current clients. “..we will continue to operate as a servicing pre-need company and pay plan benefits of our planholders as warranted,” said Prudential Life Plans president Jose Alberto Alba.