IC issues halt order vs pre-need firm

The Insurance Commission (IC) has ordered Majar Senior Citizen Damayan Inc. to cease and desist from selling insurance products.

In a public advisory posted on its website, IC commissioner Dennis Funa said Majar Senior Citizen Damayan Inc. is not authorized to do pre-need business in the Philippines.

It would be recalled that as early as June 19, 2017, the IC had already ordered Majar Insurance Agency and Business Venture to stop representing itself as a licensed insurance agent.

Funa said both companies led by its president Manuel Jarapa, operate nationwide.

“Despite the issuance of CDOs against both companies, the IC continues to receive complaints from the public regarding the continuous operation of said companies. Worse, most of the complaints are for non-payment of benefits that they have guaranteed under various products sold by them,” the IC said.

Given this, the IC advised the public to refrain from transacting any pre-need business and insurance business with both companies.

“The public is advised to transact only with duly licensed insurance, pre-need or health maintenance or intermediaries. The list of such duly licensed companies can be found in our official website,” the IC said.

The local insurance industry reported a total premium income of P218.91 billion as of the end of September 2018, up 18 percent year-on-year.

It recorded positive growth in the first nine months as total premiums rose 20.4 percent to P174.15 billion.