June 11, 2012
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 11 JUNE 2012)
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). Sixteen 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. aTAEHc
Hence, the SEC continues, among others, to assist planholders by referring them to the receivers/liquidators of the following corporations:
a) Five pre-need corporations under rehabilitation/receivership/liquidation; and
b) Eleven pre-need corporations whose trust funds are under liquidation either by the corporation or the SEC appointed liquidator.
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