Status of Pre-Need Corporations Retained with the Securities and Exchange Commission in View of Its Residual Power under Republic Act No. 9829, Otherwise Known as "The Pre-Need Code of the Philippines" (As of 27 March 2013)

March 27, 2013STATUS OF PRE-NEED CORPORATIONS RETAINED WITH THE SECURITIES AND EXCHANGE COMMISSION IN VIEW OF ITS RESIDUAL POWER UNDER REPUBLIC ACT NO. 9829, OTHERWISE KNOWN AS "THE PRE-NEED CODE OF THE PHILIPPINES" (AS OF 27 MARCH 2013)Effective 2 January 2010, the jurisdiction over the regulation and supervision of the pre-need industry was transferred to the Insurance Commission (IC) from the Securities and Exchange Commission (SEC) pursuant to Republic Act No. 9829, otherwise known as the "Pre-Need Code of the Philippines" ("Pre-Need Code," for brevity). Eleven pre-need corporations, however, have been retained with SEC in view of Section 57 of the Pre-Need Code which mandates the SEC to continue to its full and final conclusion all pending claims, complaints and cases filed with it prior to the effectivity of the Pre-Need Code. Hence, the SEC continues, among others, to assist planholders by referring them to the liquidators of the eleven pre-need corporations whose trust funds are under liquidation either by the SEC appointed liquidator or the corporation.Further, included in this report are updates on the...