4.20.2016

Insurance Companies Closed Down in 2010 to 2016

By Nora

Here's a list of life and non-life insurance companies that were issued Cease and Desist Orders and were put under conservatorship, receivership or liquidation by the Insurance Commission from 2010 to 2016, based on the list released by the IC on its website insurance.gov.ph.


2016

BF General Insurance Co., Inc.
  CDO issued April 11, 2016
  Name of Conservator:
    Insurance Commission c/o Atty. John A. Apatan
    Insurance Commission, 1071 U.N. Ave., Manila
    Phone nos.: 523-8462 to 70 loc. 105
                354-0991

Far Eastern Surety & Insurance Co. Inc.
1744 Taft Avenue, Pasay City
CDO issued April 15, 2016
Conservator: Atty. Mila Teresita SJ. Racelis
126 Dr. Alejos San Isidro Labrador
La Loma, Quezon City
Phone no.: 711-3183


2015

BF Life Insurance Corp.
   CDO issued July 20, 2015
   Name of Receiver:
    Atty. Iris Sylvia Lucero Bonifacio
    BF Condominium
    A. Soriano Jr. Ave., Intramuros, Manila
    Phone nos.: 527-4465 / 638-7618

Philippine Fire and Marine Insurance Corp. (PhilFire)
CDO issued October 1, 2015
Conservator:  Atty. Nicolas S. Nangit
5th Floor, Lepanto Bdlg.
8747 Paseo De Roxas, Makati City
Phone no.: 0916-6460380


2014

CAP General Insurance Corp.
CDO issued August 13, 2014
Name of Receiver: Atty. Rhodela Virginia V. Garcia
No. 3 Don Toribio St., Don Antonio Heights
Commonwealth Ave., Quezon City
Phone no.: 0917-8862000
Email: rvgarcia.law@gmail.com

Great Domestic Insurance Co.
CDO issued October 21, 2014
Receiver: Mr. Rufino H. Abad
Insurance Commission
1071 U.N. Avenue, Manila
Phone nos.: 523-8462 to 70 loc. 105
                354-0991

Security Pacific Assurance Corp.
CDO issued August 13, 2014
Conservator: Ms. Maria Fe D. Velasco
131 Capetown St., Pasig Greenpark Village
Manggahan, Pasig City
Phone nos.: 0917-8165732 / 711-5735

R & B Insurance Corp.
CDO issued September 9, 2014
Conservator: Atty. Marilyn V. Gallanosa
Unit 515, Pacific Century Tower
1472-76 Quezon Avenue, South Triangle, Quezon City
Phone nos.: 703-0748 / 343-2019


2013

Equitable Insurance Corp.
Was not issued CDO
Voluntarily ceased operations August 1, 2013
Liquidator: Atty. Rony Togonon
No. 20 Makabulos St.
Katarungan Village, Brgy. Mambugan
Antipolo City
Phone nos.: 795-7830 / 0917-5114723


2012

Insurance of the Philippine Islands Co., Inc.
CDO issued October 31, 2012
Receiver: Atty. Ricardo Gloria Jr.
8 Ruby St., Emapalico Subd.
Las Pinas City
Phone no.: 0918-9065109

Philippine General Insurance Corp.
CDO issued September 13, 2012
Liquidator: Atty. Moises A. Balon
29 Magnolia St., Town & Country Executive Village
Marcos Highway, Antipolo City
Phone no.: 243-1223


2011

Value General Financial Insurance Co. Inc.
CDO issued June 7, 2011
Conservator:
Insurance Commission
c/o Atty. John A. Apatan
Insurance Commission, 1071 U.N. Ave., Manila
Phone nos.: 523-8462 to 70 loc. 105
                354-0991


2010 

National Life Insurance Company of the Philippines
CDO not issued
Placed under conservatorship March 31, 2010
Conservator:
Insurance Commission
by and thru Atty. John A. Apatan
Insurance Commission
1071 U.N. Avenue, Manila
Phone nos.: 523-8462 to 70 loc. 105
                354-0991

Other Insurance Companies Closed Down Prior to 2010


AFISCO Insurance Corp.
 CDO issued May 24, 1988

Algen Insurance Corp. (formerly Acropolis Central Guaranty Corp.)
  CDO issued May 23, 2007

Cathay Insurance Co. Inc.
  Final Dissolution by the SEC

CCC Insurance
  License not renewed in 2011

Central Surety & Insurance Co. Inc.
 CDO issued May 24, 2005

CICI General Insurance Corp.
     Put under conservatorship on June 23, 2009

Covenant Assurance Co. Inc.
Development Insurance & Surety Corp.
Voluntary closure April 1, 2009

Development Insurance & Surety Corp.
  CDO issued November 11, 2004

Fidelity Insurance Co. Inc.
 License not renewed after it expired June 30, 2000

Filipino Merchants' Insurance Co. Inc.
   Voluntary closure July 1, 2006

Fire Services Mutual Benefit Association Inc.
     Put on  conservatorship

First Quezon City Insurance Co. Inc.
  CDO issued September 30, 2002

General Insurance & Surety Corp.
   CDO issued March 30, 1981

Luzon Insurance & Surety Co. Inc.
  CDO issued September 30, 2002

Mantrust General Insurance Corp.
   CDO issued October 24, 2003

Mega Pacific Insurance Corp.
  CDO issued December 6, 2004

Nicphil Insurance Inc.
    License not renewed July 1, 2005

Philippine Association for Vocational Education (PAVE)
  MAS Fund
  Put on liquidation

Philippine Phoenix Surety & Insurance Inc.
  Put on receivership  

Philippine Public School Teachers Association (PPSTA)
   Put on conservatorship

Rico General Insurance Corp.
  License not renewed after it expired June 30, 2005

South Sea Surety & Insurance Co. Inc.
  CDO issued September 13, 2006

Summit Guaranty & Insurance Co. Inc.
    Put on liquidation

The Capital Insurance & Surety Co. Inc.
   CDO issued June 3, 2004

The Imperial Insurance Inc.
   CDO Issued July 17, 2001

TICO Insurance Co. Inc.
  CDO issued November 22, 2000

Times Surety & Insurance Co. Inc.
    CDO issued November 30, 2002

Travellers Life Assurance of the Philippines Inc.
      (servicing Company)
   Put on conservatorship

Value General Financial Insurance Co. Inc.
  CDO issued June 7, 2011

Wellington Insurance Co. Inc.
  CDO issued March 1, 2004

Zenith Insurance Cor.
  CDO issued November 11, 2004

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