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IC places Himlayang Pilipino Plans under conservatorship
By Nidz Godino
“Prior to the issuance of CDO, Commission gave HPPI ample time to comply with these instructions…despite extensions granted by Commission, HPPI still failed to abide by its undertakings,” Insurance Commissioner Dennis Funa said in a statement Himlayang Pilipino Plans Inc. (HPPI) has been placed under conservatorship due to its insolvency issues and trust fund deficiencies, the Insurance Commission (IC) reported.
The conservatorship comes after HPPI was earlier issued cease and desist order (CDO) for its “unwillingness to comply” with instructions to address its issues, even as IC said firm was given sufficient time to do so.
Among issues cited were insolvency amounting to P112.30 million, and trust fund deficiencies equivalent to P184.88 million, based on its 2020 annual statement.
Himlayang Pilipino officials were not immediately available for comment.
Based on its website, HPPI pioneered Fixed-Value Life Plan upon its incorporation in 1978. It launched its Assured College Education Plan (ACE) in 1992, and has since launched the Solid Pension Plan.
“In tradition of commitment and service, our pre-need plans focused on helping our plan holders gain more secured future not only for themselves but most especially for their families,” it said.
Under Section 49 of the Pre-Need Code of the Philippines, IC is granted power to place firm under conservatorship should it be found to be in a “state of continuing inability or unwillingness to comply” with the requirements.
According to the IC, Himlayang Pilipino requested number of regulatory reliefs after it was notified of its 2020 annual statement, such as seeking authority to venture into high-yielding investment portfolios.
The IC said HPPI also sought suspension of directive to fund deficiencies and withdrawal of excess of trust funds for both education and pension plans.
Requests were rejected due to “various legal considerations,” which were basis for cease and desist order and later conservatorship.
“Bearing in mind pre-need business is imbued with public interest, it is this Commission’s mandate to safeguard of rights and interests of public while, at the same time, ensure financial resilience of the business,” Funa said.
“By placing HPPI under conservatorship, we aim to restore company to financial viability with ultimate objective of protecting interest of its planholders,” he concluded.
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