Saturday, August 8, 2009

SEC released the list of pre-need companies with dealer license

With some of the pre-need firms in the Philippines are now in a limbo, current planholders are now doubting the stability of their pre-need companies. That's why the Securities and Exchange Commission recently released the list of 22 firms who have passed the trust fund requirement.

The 22 firms which has dealer license may still sell new educational, pension, and memorial plans.

The SEC released a circular that pre-need companies with trust fund deficiency of below 15% have 30 days to address the deficit while those with more than 15% will be given 15 days to cover half of it.

Pre-need firms that are not in the list are prohibited to sell new plans, but their obligations to their existing clients with maturing plans remains.

Companies that can still sell new plans are:

1. AMA Plans, Inc.
2. Ayala Plans, Inc.
3. Caritas Financial Plans, Inc.
4. City Plans, Inc.
5. Cocoplans, Inc.
6. Danvil Plans, Inc.
7. Destiny Financial Plans, Inc.
8. Eternal Plans, Inc.
9. First Country Plans, Inc.
10. First Union Plans, Inc.
11. Grayline Plans, Inc.
12. Himlayang Pilipino Plans, Inc.
13. Loyola Plans Consolidated, Inc.
14. Manulife Financial Plans, Inc.
15. Mercantile Careplans, Inc.
16. Paz Memorial Services, Inc.
17. Philam Plans, Inc.
18. Provident Plans International Corp.
19. St. Peter Life Plan, Inc.
20. Sun Life Financial Plans, Inc.
21. Transnational Plans, Inc
22. Trusteeship Plans, Inc.

It is still advisable to contact the SEC to verify the stability of your pre-need company.

[list via SEC]
[photo courtesy by jikearts]

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