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 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.