Philam Life denies alleged manipulation of policies
Published Aug 1, 2018 12:00 am
By Chino Leyco
The Philippine American Life and General Insurance Co. (Philam Life) vehemently denied the allegation of a policyholder that the insurer manipulated hundreds of insurance policies to reject claims.
(MANILA BULLETIN)
In a statement late Tuesday, Philam Life said the company is committed to adhere to high ethical and professional standards, adding it values the trust that policyholders place in the insurance firm and devoted to supporting clients’ needs.
“Philam Life is aware of recent statements made by a customer named Ms. Mona Tan including allegations concerning possible wrongdoing on the part of Philam Life and certain of its agents,” the insurer said.
“Philam Life denies the allegations and is cooperating fully with the Insurance Commission in its review of the case. We trust the Commission will establish what is fair for all concerned and will make an impartial decision,” the company added.
Sought for comment, Insurance Commissioner Dennis B. Funa said that Tan’s complaint has not been yet elevated to his office, but he disclosed they are scheduled to meet the Philam Life’s executives Wednesday.
Earlier reports said that Tan, owner of an auto supply in Manila, alleged that Philam Life and its agents duped her by manipulating 359 insurance policies worth P101 million since 1990.
For this reason, Tan sought for the revocation of the certificate of authority granted to Philam Life and its agents by the Insurance Commission “on the ground that their method of business is such as to render its proceedings hazardous to the public or to its policy-holders.”
Philam Life denied the accusations, saying they are “committed to empowering Filipinos in their journey towards financial security and prosperity.”
“Our customers are at the heart of our business and we remain steadfast in our commitment to them, and to honor our obligations. We value the trust they place in us and are devoted to supporting their needs,” the company said.
Philam Life, established in 1947, is one of the country’s biggest life insurance companies.
In 2017, the insurer’s assets stood at P251.4 and have delivered timely payouts of P10 billion in education benefits from 2004 to 2014 and over P131 billion in insurance benefits between 1950 and 2015.
The company also serves almost 600,000 individual policyholders and over 2,200,000 insured group members..
Philam Life is a member of AIA Group Limited, the largest independent publicly listed pan-Asian life insurance group.
Data from the Insurance Commission showed that Philam Life’s total premium income reached P40.2 billion last year, while its assets amounted to P251.4 billion and net worth at P69.5 billion.
(MANILA BULLETIN)
In a statement late Tuesday, Philam Life said the company is committed to adhere to high ethical and professional standards, adding it values the trust that policyholders place in the insurance firm and devoted to supporting clients’ needs.
“Philam Life is aware of recent statements made by a customer named Ms. Mona Tan including allegations concerning possible wrongdoing on the part of Philam Life and certain of its agents,” the insurer said.
“Philam Life denies the allegations and is cooperating fully with the Insurance Commission in its review of the case. We trust the Commission will establish what is fair for all concerned and will make an impartial decision,” the company added.
Sought for comment, Insurance Commissioner Dennis B. Funa said that Tan’s complaint has not been yet elevated to his office, but he disclosed they are scheduled to meet the Philam Life’s executives Wednesday.
Earlier reports said that Tan, owner of an auto supply in Manila, alleged that Philam Life and its agents duped her by manipulating 359 insurance policies worth P101 million since 1990.
For this reason, Tan sought for the revocation of the certificate of authority granted to Philam Life and its agents by the Insurance Commission “on the ground that their method of business is such as to render its proceedings hazardous to the public or to its policy-holders.”
Philam Life denied the accusations, saying they are “committed to empowering Filipinos in their journey towards financial security and prosperity.”
“Our customers are at the heart of our business and we remain steadfast in our commitment to them, and to honor our obligations. We value the trust they place in us and are devoted to supporting their needs,” the company said.
Philam Life, established in 1947, is one of the country’s biggest life insurance companies.
In 2017, the insurer’s assets stood at P251.4 and have delivered timely payouts of P10 billion in education benefits from 2004 to 2014 and over P131 billion in insurance benefits between 1950 and 2015.
The company also serves almost 600,000 individual policyholders and over 2,200,000 insured group members..
Philam Life is a member of AIA Group Limited, the largest independent publicly listed pan-Asian life insurance group.
Data from the Insurance Commission showed that Philam Life’s total premium income reached P40.2 billion last year, while its assets amounted to P251.4 billion and net worth at P69.5 billion.