Loyola Plans now under liquidation

MANILA, Philippines — Pre-need firm Loyola Plans Consolidated Inc. has been declared under liquidation by the government.

In its latest notice, the Insurance Commission placed Loyola Plans under liquidation effective end-September.

This means that the IC is terminating Loyola Plans’ insurance business by canceling all of its insurance policies and by not issuing any new or renewal policies.

IC placed Loyola Plans under conservatorship in March due to its inability to pay off benefits and debts.

According to IC, claimants who have not yet filed their claims or have not been included in the master list are asked to file not later than six months or until April 18, 2024.

Claims filed after that shall be barred from normal servicing and liquidation proceedings, but instead shall be deferred to the company for reconsideration in its dissolution and winding up proceedings.

IC emphasized that all claimants should file their claims on time.

During the first quarter, the pre-need industry saw its net income slightly decline to P1.12 billion even amid an increase in the number of life plans sold.

In aggregate, the industry sold 255,667 pre-need plans, 53 percent better than the 169,450 sold in the first quarter of 2022.