The Insurance Commission (IC) is processing more than 13,000 claims in the liquidation of Loyola Plans Consolidated Inc.
In a statement yesterday, the IC said it has received a total of 13,137 claims from planholders of Loyola Plans from Sept. 29, 2023, to April 18, 2024, as part of the liquidation proceedings of the pre-need company.
Loyola Plans was placed under liquidation in September 2023 due to its insolvency, pursuant to Paragraph 2, Section 50 of the Pre-Need Code.
The company was previously placed under conservatorship in July 2019 and, thereafter, under receivership in March 2023 due to liquidity issues in servicing the pre-need plans that it issued to its planholders.
According to the IC, the said claims would be evaluated for inclusion in the masterlist of claimants in the liquidation of Loyola Plans.
A total of 5,835 claims were personally filed by planholders before the IC, while the rest were filed through email and phone calls.
The said claims in the liquidation proceedings of Loyola Plans have already been referred to the appointed liquidator for evaluation and inclusion in the masterlist of claimants.
Upon evaluation of all claims, the masterlist of claimants is expected to be finalized within five months.
Thereafter, an IC-accredited actuary will be engaged to compute the liquidation value of each valid claim.
