The Philippines Insurance Commission issued a cease and desist order against Diamond Memorial Care Plans, Inc., citing the company’s inability to comply with the requirements of Republic Act No. 9829 (the Pre-Need Code of the Philippines) and or the Commission’s orders. The order requires the company to stop taking any new pre-need business of any kind or character and places it under conservatorship. The conservatorship was imposed pursuant to Section 49 of the Pre-Need Code of the Philippines, effective 15 April 2025. Attorney John A. Apatan, Division Manager of the Conservatorship, Receivership and Liquidation Division, was designated as Interim Ex-officio Conservator, and planholders, creditors and other interested parties were directed to course claims and concerns through the conservator.
Philippines Insurance Commission 2025-04-15
Philippines Insurance Commission orders Diamond Memorial Care Plans to stop new pre-need business and places it under conservatorship
The Philippines Insurance Commission issued a cease and desist order against Diamond Memorial Care Plans, Inc. for non-compliance with Republic Act No. 9829 and Commission orders, placing the company under conservatorship. Effective 15 April 2025, Attorney John A. Apatan was appointed as Interim Ex-officio Conservator, directing planholders and creditors to address claims through him.