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By Chino Leyco
The Philippine American Life and General Insurance Co. (Philam Life) vehemently denied the allegation of mischief. An Insured That The Insurer Handled Hundreds In a statement released Tuesday night, Philam Life stated that the company was committed to upholding high ethical and professional standards, adding that it valued insurance policies.
"Philam Life is aware of recent statements made by a client named Ms. Mona Tan, including allegations of possible wrongdoing by Philam Life and some of its clients. "Philam Life denies the allegations and cooperates fully with the Insurance Commission in its review of the case.We hope that the Commission will establish what is fair for all and will make an impartial decision," the company added.
Insurance Commissioner Dennis B. Funa said that Tan's complaint had not yet been raised at his office, Tan, owner of a motor vehicle in Manila, alleged that Philam Life and its agents have deceived it by handling 359 insurance policies worth 101 million pesos since 1990.
For this reason, Tan has requested the revocation of the certificate. authorization granted to Philam Life and its agents by the Insurance Commission "on the grounds that their mode of operation is likely to make their procedures hazardous to the public or Philam Life has denied the accusations, saying that they are" determined to give Filipinos the means to ensure their financial security and prosperity "[19] 659007]" Our customers are at the heart of our business and we remain committed to our commitment to them and to honoring our obligations. enjoy the confia They grant us and we strive to provide for them, "said the company
Philam Life, founded in 1947, is one of the largest life insurance companies in the world. country.
In 2017, the assets of the P151.4 insurer disbursed 10 billion P10 of education benefits from 2004 to 2014 and more than 131 billion P in insurance between 1950 and 2015. [19659006] The company also serves nearly 600,000 individual insureds and over 2,200,000 policyholders.
Philam Life is a member of AIA Group Limited, the largest independent pan-Asian life insurance group listed on the stock exchange.
The Insurance Commission's data showed that Philam Life's total income was $ 40.2 billion last year. its assets amounted to 251.4 billion pesos and its net worth to 69.5 billion pesos
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