Claimants or parties who have not yet filed their claims against Loyola Plans Consolidated Inc. (LPCI), which is undergoing liquidation, have until April 18, 2024 to submit their claims.
The Insurance Commission (IC), which published the notice on October 21, 2023, urged all claimants to submit their claims within 180 days from the date of the announcement. The deadline for the submission of claims is until April 18, 2024.
Insurance Commissioner Reynaldo Regalado in a notice to the public shared the proper procedures for claimants to submit their claims against Loyola Plans.
In a separate notice last year, Regalado said that individuals must submit their claims under oath to the appointed liquidator.
If the appointed liquidator fails to acknowledge or address the claimant’s submission or concerns within 15 days, they may inform the Conservatorship, Receivership and Liquidation (CRL) Division of the lnsurance
Commission to take the necessary actions.
The notice also stated that claims submitted after April 18, 2024, will not be considered in the standard liquidation process. Hence, the claims will be referred to the company for reconsideration in its dissolution and winding up proceedings. Therefore, the IC urges everyone to “file their claims on time.”
LPCI has been an entity placed under receivership since March 30, 2023. However, the IC has decided to liquidate LPCI’s assets due to its inability to address its capital impairment of PHP 125.87 million and trust fund deficiency.
