Pre Need Code News Today

HEALTHCARE benefits paid out by health maintenance organizations (HMOs) in January to March reached P15.05 billion, according to the Insurance Commission (IC). Data from the IC showed that benefit payouts by HMOs in the first quarter of the year rose by 17.3 percent from the P12.833 billion paid in the…

THE Insurance Commission (IC) and the state-owned Philippine Postal Corp. (PHLPost) unveiled the commemorative stamp and official first day cover in celebration of the 75th Anniversary of the Insurance Commission (IC) last January 24 to highlight this year’s theme: “Serving with Integrity and Commitment: 75 years of Public Trust.” Established…

The increase in total premium income could be attributed to the increase in the number of pre-need plans sold during the said period, said the IC.

THE preneed industry’s total premium income in the first half rose by 9.45 percent year-on-year to P11.21 billion as more Filipinos bought memorial plans during the reference period, the Insurance Commission (IC) said. The IC said the preneed industry’s total premium income was P968.2 million higher than the P10.243 billion it posted in the first

MORE assets of Loyola Plans Consolidated Inc. will now be sold to pay its obligations to its members and debtors after it was placed by the Insurance Commission (IC) under liquidation. The IC issued on October 2 a notice to the public, disclosing that Loyola Plans has been under liquidation since September 29. In its

The earnings of the pre-need industry dropped almost 90 percent in 2022, with its bottom line falling below P500 million even amid an increase in the number of life plans sold, the Insurance Commission said.

The pre-need industry incurred a net loss of P7.11 billion as of the third quarter of 2022, as 75 percent of firms reported declines during the period, the Insurance Commission said.

The pre-need industry’s income rose by 31 percent to P1.33 billion in the first semester   amid higher life plans sold, according to the Insurance Commission.

THE Insurance Commission (IC) gave pre-need companies more options on where to invest their trust funds. Insurance Commissioner Dennis B. Funa signed Circular Letter 2022-37, amending the guidelines on allowable investments for pre-need trust funds. The updated list of allowable investment outlets for pre-need companies includes: Real Estate Investments Trust…

THE Insurance Commission (IC) gave pre-need companies a wider berth in the use of their respective trust fund for investments. Through its issuance of Circular Letter 2022-25 signed by IC chief Dennis B. Funa, the regulator mandated an additional 2-percent increase in the investment threshold allocation of pre-need companies “to…