Provident Plans likely to be placed under conservatorship – IC
The Department of Finance on Monday said the Insurance Commission might place pre-need company Provident Plans International Corp. under conservatorship due to its poor financial state. In a statement Monday, the DOF said Insurance Commissioner Dennis B. Funa reported to Finance Secretary Carlos G. Dominguez III that “while Provident Plans manifested before the IC [Insurance Commission] in February and March this year that it has a ‘white knight’ investor to cover up its capital impairment and trust fund deficiencies, [the regulator] has yet to receive any concrete plan or letter of intent from this supposed investor.”
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