Thursday, September 20, 2012

Insurance Commission Puts Prudentialife Under Receivership

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Posted on Thursday, September 20, 2012

Insurance Commission Puts Prudentialife Under Receivership
Troubled pre-need company Prudentialife Plans Inc. (PPI) is now under receivership as ordered by the Insurance Commission yesterday, September 19, 2012.

If you are a planholder like me, I suggest that you read the 19-page directive from the Insurance Commission. You can read the document from this link.



The directive states that the proposals submitted by PPI, Batiles Group and Loyola Plans failed to gurantee the best value of benefits to the planholders. The directive even state that the stockholders of PPI has no clear intention of infusing additional capital to cure the company's overwhelming financial deficiencies.

The Insurance Commission has given PPI 30 days if they plan to rehabilitate the company with a guaranteed cash infusion. The commission also has designated San Diego, Ycasiano, Macias, Estorco, Castaneda, Sanchez Law Office through Atty Dionne Sanchez as the interim receiver.

I just hope everything goes well and the money that the planholders have paid will be given back 100% or more.

Bravo to the Insurance Commission!

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