MANILA, Philippines Payment of claims of shuttered Prudentialife Plans Inc. will continue after the Insurance Commission (IC) scored a win against the company at the Supreme Court four years after it was put under receivership.
“The Court resolves to deny the petition for failure of petitioners to sufficiently show that the Court of Appeals committed any reversible error,” the high court said in its resolution dated April 19.
The IC received the decision two days ago. A copy of which was sent to The STAR.
In September 2012, the IC put Prudentialife under receivership after all proposals to rehabilitate it failed to meet its obligations at best value. The prior year, the company had a deficit of P12.3 billion.
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Read the full article at: http://www.philstar.com/business/2016/08/03/1609680/sc-denies-prudentialife-appeal-vs-liquidation