The insurance Commission (IC) said it has now been cleared to take a unit of College Assurance Plans Philippines, Inc. (CAPPI) into conservatorship, after the Supreme Court (SC) barred the pre-need firm from selling the subsidiary to support its rehabilitation.
“With this ruling of the Honorable Supreme Court, the IC can proudly state that it was able to protect the rights and interests of the planholders of CAP Pension (Comprehensive Annuity Plans and Pension), consistent with our mandate under the Pre-Need Code of the Philippines,” Insurance Commissioner Dennis B. Funa said.
“The Insurance Commission will now proceed with the conservatorship of the company. But first we will examine the financial condition of CAP Pension as of today to see what assets of the company remain; we will then appoint a conservator to recommend the direction that we will take,” Mr. Funa added.
