By David Cagahastian
THE Insurance Commission (IC) has extended for another 30 days the filing by plan holders of their claims on their policies issued by Prudentialife Plans Inc. (PPI), which was put under liquidation in 2013.
Insurance Commissioner Emmanuel F. Dooc issued an order extending the deadline for the filing of claims to make sure that qualified plan holders who did not meet the previous deadline of November 8, 2013, may still be able to file their claims since the liquidation case has not yet been filed in court.
The extension of the deadline was enforced to accommodate plan holders who continued to file their claims despite the lapse of the November 8, 2013, deadline.
The order is dated June 29, 2015, but the 30-day extension shall begin to run from the date of the posting of the directive at the commission’s web site, which was a Monday.
In issuing the order, Dooc turned down the recommendation of the appointed liquidator, the law firm SYMECS Law, that those who have unpaid claims on plans that have already matured before the stay order on February 6, 2012, and have failed to submit their claims before the deadline on November 8, 2013, should file as ordinary creditors before the liquidation court when such liquidation case is filed in court.
Those plan holders whose policies have matured before the stay order issued by the IC on February 6, 2012, are presumed to have already been paid by PPI before the said stay order.
But Dooc said it would be the “height of injustice” against those plan holders who were presumed to have been paid but have not actually been paid because they have yet to file claims on their policies before the stay order was issued.
“It must be pointed out that the plan holders’ claims, including the plan holders whose claims were filed beyond the deadline, stem from the fact that the premiums that they paid to the corporation are their hard-earned money, which were used in putting up the trust fund of the corporation. Undeniably, the said plan holders, despite having filed their claims beyond the set deadline, have patent rights over the trust fund of the corporation and its distribution. Those plan holders have waited too long. It is about time to recompense their patience by recognizing their request to be paid, albeit in amounts lesser than their supposed benefits,” Dooc’s order said.
“It would be the height of injustice to deprive the plan holders of their rightful share in the trust fund without affording them ample opportunity to present their case for the sole reason that the claim was filed beyond the set deadline, especially in the present case where the purpose for setting the deadline has become defunct,” it added.
After the lapse of the 30-day extension, plan holders who will still fail to submit their claims to PPI’s liquidator or to the IC may participate in the liquidation case once it has been filed as an ordinary creditor of PPI.
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