Pre-need firm airs side on failure to pay claims
A pre-need firm, the subject of complaints by a group of
In a letter to its planholders dated
“However, we have here a situation that has rendered us unable to pay such claims because Wise Capital Investment & Trust Co., Inc. (WISECITCO), our trustee bank, has failed to unlock our trust fund beyond our control and understanding,” Madrid said in his letter.
According to
“This amount plus all interest thereon are to guarantee the delivery of benefits pursuant to Rule 16.1 of the pre-need rules of the Securities and Exchange Commission (SEC),” he said.
The STAR tried but failed to get the side of WISECITCO officials.
In the same letter,
In a recent letter to The STAR,
According to him, the claims of the policemen had already been processed and approved for payment by the SEC through its Non-Traditional Securities and Investments Department, the government agency tasked to oversee the operations of pre-need companies.
The more than 100 policemen who hold Primanila pension plans said they are not familiar with the technicalities involved.
“All we want is our payment which we understood should be given by Primanila. The company is the one who received our monthly contribution, so we expect the company to pay us. The company should settle their problem with their supposed trustee, but should not allow the planholders holding an empty bag,” the complainants said.
The policemen said representatives of Primanila convinced them to get a pension plan with a maturity period of five to 10 years. The firm reportedly offers an endowment of P10,800 for five years, P14,000 for seven years and P20,000 for 10 years. – Nestor Etolle
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