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SCREENGRAB from http://www.pazlife.com/
The Insurance Commission has placed Paz Life Plan Inc. under contract as a conservation business because it does not have the same value. was unable to comply with the capitalization requirement "The result of the review of the business, financial situation and operating methods of the Plan Paz Life at the end of 2016 revealed that the company had not met the required minimum of 50 million pesos.In particular, the paid-up capital of Paz Life Plan amounted to only 1.17 million, "said the Commissioner of Insurance, Dennis B. Funa, in a statement.
"Under the code Pre-Need, the effectiveness of the law that sells a single type of scheme must have a minimum free-floating capital of 50 million pesos." Those who sell two or three types of plans must have a paid-up capital of at least 75 million pesos and 100 million pesos respectively, "says Funa.The company has not complied with the order of the Insurance Commission to cover its capital deficiency and to explain why it should not be placed under guardianship. "
As such, Paz Life Plan can no longer sell new contracts. ] But Funa clarified that "all memorial plans issued prior to the precautionary order remain valid and the company's obligation to its holders still exists until the expiry of their respective plans. "
On its website, Paz Life Plan stated that Funeraria Paz Inc. was its "premier service provider".
Formerly Paz Memorial Services Inc., the company's license was suspended by the regulator by way of an order issued by Funa in April.
Last month, Funa named Atty. Raul I. Rafael as curator to manage the company
At the end of 2016, Paz Life Plan had 14,739 plan holders. / kga
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