bantay amo ani pre-need firm!!
The Securities and Exchange Commission has revoked the “dealer’s license” of Prudential Plans after it failed to comply with the trust fund and capital requirements set by the commission.
“Prudential’s dealer’s license has been revoked. They have been instructed to stop selling,” said SEC chairperson Fe Barin at the Senate hearing on the pre-need industry.
Asked if she’s advising the public to stop paying the premiums or buying new plans, she said, “Whether or not to continue paying is a decision of the plan holder after seeing the condition of the company.”
Barin said the proposals submitted by Prudential Plans to meet the requirements were not “eligible.” She said the company submitted a multi-year build-up plan.
“Sa panahon pong ito, yung kanila pong mga inaalok para (ma-comply) yung kanilang mga kakulangan ay hindi po eligible,” Barin told a Senate hearing on Monday.
“Kaya nagdesisyon po ang commission noong Biyernes na hangga’t hindi nyo nakukumpleto, natutugunan ang pangangailangan, suspendido ang inyong lisensysa, ang dealer’s license (That’s why the commission on Friday decided that until [Prudential] completes the requirements, their license—the dealer’s license—is suspended),” she said.
Of the 24 pre-need registered companies, Barin said, the Prudential Plans and the Coco Plans were the only ones that were able to meet the April 15 deadline set by the commission for the filing of a proposal for capital and trust fund buildup.
Aside from “closely monitoring” of all 24 companies, Barin said the commission also implemented a moratorium on the grant of more registration.
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SEC revokes pre-need firm’s dealer’s license
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