SEC revokes license to sell pre-need plans of Prudential Life Philippines

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.

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  • http://twitter.com/PA0Lo Paolo S

    miscalculation ang naging problem nila. di napansin ang pag taas ng tuition fees kada taon, open ended ang tawag. ngayon sa philplans close ended na ang plans, every year tataas ang remit mo example: 4%, 5%, 6%, 6% = % policy plan mo. paolo sobrepena philplans 09052716321

  • Aurelia

    Aurelia Mengua
     
    isa po akong cliente nang Prudentialife Educ. plan dito sa Hongkong
    Is not fair sa lahat ng katulad kong domestic helper na nag trust sa Prudentialife Educ plan. Nagkandarihirap kami dito kumita ng pera para sa kinabukasan nang aming anak. Nagtiis na mailayo sa aming mahal sa buhay then basta na lang mawawala yong kuarta namin. Nasaan na yong pera namin? Prudentialife ??? mawawala nang tiwala nang taon bayan sa iyong companya. Will pray that you will rise up again and gain the trust of people on your company..and Give it back the monies of all the clients..

  • Ron Sulit

    sana mabondat sila at mamatay sa kakakain ng pinag hirapan ng ng mga taong ang gusto lang naman ay mabigyan ng magandang kinabukasan ang kanilang mga anak

  • judy

    im sorry pero gusto ko lang malaman kung true mga sinasabi ninyo kasi ang pagkaka alam ko ang philippine prudential life insurance company, inc. ay iba sa prudential life insurance company cause ang nagtayo talaga nito ay pilipino at the same time e hindi siya pre-need insurance company.tnx.. my proof ba kau na ung talagang phil. prudential insurance company talaga tinutukoy nio na scam???

  • http://yahoo.com Christ

    Good pm,

    M’ and S’ patulong naman po. May insurance po yong mother ko sa PLATINUMS PLANS
    nag mature na po sya nong 2008. hindi ko na po ma locate yong office nila. We need this to support her medical expenses. She been suffering from stroke. Patulong naman po. Salamat