IC orders Nat’l Life to submit rehab plan

MANILA, Philippines - The Insurance Commission (IC) has ordered National Life Insurance Co. (NLIC) to submit its latest rehabilitation plan, the fourth version since the insurer was placed under conservatorship in 2010.

“I gave them a deadline up to next week (to submit the rehabilitation proposal). We do not want to get distracted from the timeline that we imposed,” IC Commissioner Emmanuel F. Dooc said.

The timeline was the 90-day extension period given by the IC for NLIC to come up with additional funds worth at least P1 billion, as well as formalize the entry of a new investor. The extension period expires on May 1.

Dooc stressed that the IC wants to remain focused on the rehabilitation plan and would address other issues only after the rehabilitation proposal had been submitted.

Lawyer Emilando Napa, the NLIC conservator, could not be reached for comment as of presstime.

Dooc said the IC is open to meeting with all policyholders and premium deposit fund (PDF) holders.

A group of policyholders is asking the IC to conduct a public consultation regarding the future of NLIC.

“We request that a public consultation be held on our complaints,” the policyholders said in a letter sent to the IC last Wednesday. Eliseo Lademora, Antonina Lademora, Ramoncito Yupangco and Katherine Yupangco were the signatories representing policyholders and PDF holders.

They wanted the same opportunities offered to planholders of the now defunct Pacific Plan and Prudential Plans, prior to the eventual liquidation of the two pre-need companies.

Sources within the IC revealed that an interested party approached government inquiring on NLIC. It was likewise learned that the same group was able to communicate with the insurer directly.

But Dooc said it would be prudent for any interested party to inform the IC of their interest and communicate any actions taken leading to any due diligence or serious undertaking.

More than a thousand policyholders holding some 9,000 policies and PDFs, and roughly 60 agents, will be affected by the rehabilitation or liquidation of NLIC.