The Insurance Commission has placed pre-need firm Himlayang Pilipino Plans, Inc. under conservatorship due to poor financial management.
Funa said he had previously issued a cease-and-desist order against HPPI for failing to address its insolvency issues and fill up its trust fund deficiencies. “Prior to the issuance of the CDO, the Commission gave HPPI ample time to comply with these instructions. However, despite extensions granted by the Commission, HPPI still failed to abide by its undertakings,” Funa said.
However, the requests were denied due to various legal considerations, which eventually led to the issuance of the CDO and later, the conservatorship order, Funa said.
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