PPI creditors, planholders can file claims until March 7

Creditors and planholders of the shuttered Prudentialife Plans Inc. (PPI) can file their claims only until March 7 this year as the Insurance Commission (IC) completes the liquidation process of the pre-need company.

In a notice posted on its website, the Insurance Commission announced the corporate assets of PPI are currently in the process of liquidation before the Makati Regional Trial Court.

“Notice is hereby given to all the corporate creditors, and to all the planholders under special cases who did not receive any distribution of the trust assets and were advised to file their claims before the liquidation court, to file their claims through the duly appointed liquidator, Atty. Dionne Marie Sanchez at Unit 2107, Tycoon Centre, Pearl Drive, San Antonio, Ortigas Center, Pasig City,” the commission said.

The regulator said all claims must be filed on or before March 7, 2018. Creditors or planholders who fail to do so before the deadline will be considered to have waived their claims.

According to the IC, the claims must be presented in writing containing the name, contact number, and address of claimant; the amount claimed; the basis for the claim; supporting documents for the claims; pre-need plan or copy of certificate of full payment; and two valid government identification cards.

Any transaction coursed through other persons and entities other than the assigned liquidator will not be honored, it said.

The IC placed PPI under conservatorship in 2010. After two years, it ordered the liquidation of the company in the absence of a viable rehabilitation plan.

The order was questioned by PPI and its planholders and subsequently elevated to the Court of Appeals (CA). The CA dismissed the petition seeking for the reversal of the order.

In 2016, the Supreme Court (SC) affirmed the CA decision and denied the petition of PPI for a temporary restraining order on the liquidation of the company.

The IC clarified that PPI is different from Philippine Prudential Life Insurance Co. Inc., a life insurance company placed under conservatorship in November 2016.