Home PEx Business and Careers The Working Filipino
Are you a pageant expert? Join the PEx Miss Universe Quiz Night on May 16!

SEC won't renew licenses of 4 pre-need companies

http://bworld.com.ph/current/CorporateWorld/corpstory2.html

Would anyone know what these pre-need companies are?

Comments

  • I am asking someone from inside the industry and will get back to you.
  • Re four companies whose licenses won't be renewed: we will know identities by next week.

    Re eight companies who can now comply with P100 million capital requirement:

    Prudential
    Pacific Plans
    Philam Plans
    Professional
    CAP
    Ayala
    ManuLife
    SunLife

  • Thanks lupus.
  • Hey lupus: any news on the four that we should watch out for?
  • My source doesn't know yet. But he has this to say: any company who deserves these sanctions is most likely VERY SMALL and has not been selling any new plans for several years. So if your pre-need plan is recently acquired, you are probably in good shape.

    I will keep asking.
  • bagyoboy:

    It seems the SEC will not disclose the names of these four companies. They wish to protect the planholders of these companies who have to remain covered until they redeem their plans.

    At any rate, my source has offered to give his own analysis of whatever company you're interested in. Name the company and we'll get his opinion about it.
  • I'm considering offers from several companies for educational plans for my 2 kids. One of them are among the eight companies you listed. The rest I have on hand are not in the list. I guess I should discard them and consider the other seven.

    What do you think of educational plans in general?

    I've been hearing good and bad things about CAP. What's really happening with CAP?
  • bagyoboy, give me a few days to get the opinion on CAP. It will also be useful for my own personal purposes.

    Educational plans perform a very valuable service, if they are sold by upright companies who know how to keep promises.

    Once upon a time CAP sold "open-ended" college plans, promising to pay for tuition at any accredited exclusive school or university, no matter how much the tuition was. They could do that then because tuition fee increases were regulated and subject to maximum 15% per year. With that kind of certainty, any financial institution could structure a plan to meet the eventual liability.

    But now the 15% ceilings are gone, and tuition fees have run away. I have no idea if CAP can deliver on its promises. I own two of these open-ended plans, and intend to use them to fund my children's college tuition. So I can only hope...
  • What's a good health plan?
  • KuyaDannyKuyaDanny Moderator PEx Moderator
    I would get a health plan which will be accepted in at least two hospitals you trust: one near your home and another near your place of work.

    We are covered by Aetna and the plan is paid by the company.

    One of my partners has had a bad experience with Philam Plans. His wife needed an emergency appendectomy and nearly died outside the emergency room on a Friday afternoon because the Philam Plans hospital relations officer wasn't around and the hospital would not move until the paperwork was complete. He has sued the insurer and are awaiting a decision by the Supreme Court.

    PS - they ended up having to pay cash just so the operation could push through. His wife is very healthy now, thank you.
  • They should get a hell of a lot of money from Philam Plans!
Sign In or Register to comment.