Philippine American Life and General Insurance Co., the country’s premier life insurance firm, has denied the allegations of one of its clients named Mona Tan that it manipulated the latter’s insurance policies amounting to P101 million since 1990.
In a statement on Wednesday, Philam Life said it was aware of recent statements made by Tan including allegations concerning possible wrongdoing on the part of the company and certain of its agents.
“Philam Life denies the allegations and is cooperating fully with the Insurance Commission in its review of the case. We trust the commission will establish what is fair for all concerned and will make an impartial decision,” Philam Life said.
It said it was committed to empowering Filipinos in their journey towards financial security and prosperity, adding that its customers are the “heart of our business and we remain steadfast in our commitment to them, and to honor our obligations.”
Earlier reports said Tan, a businesswoman with a disability, accused Philam Life of manipulating her 359 insurance policies worth P101 million since 1990.
At a news conference in Quezon City, Tan, owner of an auto supply in Binondo, Manila, urged the Insurance Commission to revoke the certificate of authority granted to Philamlife and its agents”•Leticia Ang, Vicente Ang and Ernesto Lim”•“on the ground that their method of business is such as to render its proceedings hazardous to the public or to its policy-holders.”
She presented to the media a 16-page complaint filed against the respondents with the Department of Finance’s Insurance Commission.
She said she had been a client of Philamlife since 1990 and bought 359 insurance policies for her family members and employees worth P101 million, adding she trusted the Angs and even allowed them to manage and keep track of her policies “with little supervision.”
She complained she gave the two respondents full access to her records and followed their advice, and that the Angs duped her when they did not her options when choosing insurance products and their specifications.
Moreover, Tan, a senior citizen, said she would give Leticia Ang payments for premiums.
In December 2013, Tan’s daughter found out that her mother supposedly surrendered their policies, “which she never did.”
“In view of the nature of the insurance business, all insurance companies must maintain and foster the highest standards of ethical and professional conduct among its employees, particularly its
insurance agents. Insurance companies are supposed to be the first of defense of the public against unscrupulous insurance agents,” the complaint read.
“If Philamlife truly considers us as its valued and loyal customers, it should not just ignore the case we filed,” Tan told reporters.
She blamed the company management for lack of protective and security measures to safeguard its clients from abuses of its agents.
As of Dec. 31, 2017, Philam Life has P251.4 billion in total assets and has delivered timely payouts of over P10 billion in education benefits from 2004 to 2014 and over P131 billion in insurance benefits
from 1950 to 2015. The firm currently serves almost 600,000 individual policyholders and over 2,200,000 insured group members.
Philam Life is a member of AIA Group Ltd., the largest independent publicly listed pan-Asian life insurance group.