THE Insurance Commission (IC) has affirmed its cease-and-desist orders (CDO) against Mortuaries’ Cooperation Internment Assistance Group, Inc. (MCIA Group, Inc.) and Future Life Care Memorial Services Co. (Future Life) due to operating without the appropriate license.
The regulator said in a statement on Friday that it has investigated the various complaints they received against the two firms. Both companies were found engaging in services similarly offered by pre-need and insurance businesses without an IC-issued Certificate of Authority.
The two companies were ordered to return money collected or received from its clients in its unlicensed conduct of business.
“For protection and peace of mind, the public is strongly advised to transact only with duly licensed pre-need and insurance companies and licensed intermediaries,” Insurance Commissioner Dennis B. Funa said.
The insurance regulator said MCIA Group violated Republic Act No. 9829 or the Pre-Need Code of the Philippines.
The company has been providing future memorial services upon death to its members in exchange for cash or installment amounts. It has offered packages availed through an installment basis scheme for more than a year.
Meanwhile, Future Life was found selling insurance products without the necessary license from the IC, the regulator said.
Through its social media platforms, the firm was offering mortuary packages with a five-year period that includes natural death benefits, accidental death benefits, and a memorial service package, acting as an insurance agency contrary to the provisions of the Insurance Code of the Philippines as amended by Republic Act No. 10607.
“As we advise the public to be vigilant, they can rest assured that the IC will be even more vigilant and relentless in taking down unlicensed entities for the security and safety of the Philippine insurance, pre-need, and health maintenance organization markets,” Mr. Funa said.
The IC said they originally issued the CDO against MCIA Group on March 11, 2020 while Future Life received theirs on Oct. 17, 2022.
In a letter dated Nov. 29, 2022, the IC denied MCIA Group’s request for reconsideration of the CDO issuance. — Keisha B. Ta-asan