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
Philippine Prudential Life Insurance Company (PPLIC) was placed under conservatorship by the Insurance Commission in November 2016. PPLIC is no longer allowed to sell new insurance products pending compliance with regulatory requirements effective November 4, 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
Note as of January 11, 2018:
National Life Insurance Company of the Philippines has come out of conservatorship. It was saved by 6762 Holdings Corp. which acquired it in May 2016 and infused it with capital. It got back its license to run as a life insurance company for the licensing period 2016-2018.
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