Paz Life Plan can no longer sell new memorial plan

  The Insurance Commission has placed pre-need firm Paz Life Plan Inc. under conservatorship as it was unable to comply with the capitalization requirement. "The result of the examination made into the affairs, financial condition, and methods of doing business of Paz Life Plan as of end-2016 disclosed that the company failed to comply with the minimum P50-million paid-up capital requirement. Particularly, Paz Life Plan's paid-up capital amounted to P1.17 million only," Insurance Commissioner Dennis B. Funa said in a statement. "Under the Pre-Need Code, pre-need companies existing at the time of the effectivity of the law selling a single type of plan are required to ha...

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