April 20, 2009
SEC PRE-NEED ORDER NO. 028-09
IN THE MATTER OF REVOCATION OF CERTIFICATE OF REGISTRATION OF PRUDENTIALIFE PLANS, INC. AS DEALER OF PRE-NEED EDUCATION, LIFE AND PENSION PLANS
O R D E R
On 23 December 2008, the Securities and Exchange Commission (SEC) renewed the Dealer's License of Prudentialife Plans, Inc. (Prudentialife) under SEC Pre-Need Order No. 260, series of 2008 subject to the condition that it shall comply with the Multi-Year Capital and Trust Fund Build-Up Program of the SEC. The terms for the multi-year capital and trust fund build-up for pre-need corporations were approved by the SEC on 12 February 2009.
Based on the Actuarial Valuation Report (AVR) submitted by Prudentialife, the capital and trust fund deficiencies of the company as of 31 March 2008 are Php4,498,755,222 and Php3,641,624,725, respectively.
In a letter dated 31 January 2009, Prudentialife proposed to fund its deficiencies by way of shares of stocks of its related companies. The SEC informed Prudentialife that the offered shares of stocks are not acceptable and real properties may instead be considered by the SEC....
