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It cannot resume business with safety to its policyholders and creditors and as public interest requires, ordered its liquidation.
The Commissioner had designated a Liquidator who, with convenient speed, reinsure its outstanding policies, convert the assets of the PPLIC to cash, sell, assign or otherwise dispose of these to the policyholders, creditors and other parties for the purposes of settling the liabilities or paying the debts of PPLIC.
It is different from pre-need firm Prudential Life Plans Inc. These two firms are not affiliated with each other.
Philippine Prudential is one of 35 life insurance firms whose licenses have been renewed by the Insurance Commission every year for the past years.
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