Latest Developments in the Life Insurance Industry

PLIA Member Companies Offer Assistance to Typhoon “Sendong” Victims

  1. Extension of payment grace period

    Due to extensive damage and difficulties resulting from the flooding brought about by Typhoon “Sendong” in Northern Mindanao, thirty of the thirty-three PLIA member companies provided assistance by way of an extension of grace period to Regular Ordinary insurance policyholders residing in areas in Northern Mindanao and nearby localities designated as disaster areas by the National Disaster and Risk Reduction Management Council.

    The extension is for an additional sixty (60) calendar days, making up a total of ninety-one (91) calendar days grace period covering due dates from November 16, 2011 to January 16, 2012.

    Payment tendered within ninety-one (91) calendar days from due date of the premium and/ or old policy loan interest will be accepted without overdue interest.

    The announcement of this offer was published in the December 28, 2011 issue of the Philippine Star.

  2. Cash donation

    PLIA donated P200,000 to Typhoon “Sendong” victims through the Philippine National Red Cross. The donation was made on December 26, 2011.

PLIA Attends 37th ASEAN Insurance Council Meeting

PLIA representatives Atty. Alfredo Tumacder, Jr. (Chairman, Legal & Legislative Committee) and Mr. George Mina (General Manager) were part of the 80 delegates from the ten ASEAN member countries who attended the 37th ASEAN Insurance Council Meeting held at the Marina Mandarin Hotel, Singapore on November 23-25, 2011.

The agenda covered important concerns in the region’s life insurance industry that are essential to its development; the increased harmonization among ASEAN countries; and the welfare of ASEAN nations.