Loyola Plans undergoes liquidation: How to file your claim?

The Insurance Commission (IC) has initiated the liquidation process for Loyola Plans Consolidated Inc., effective September 29.

In a notice to the public, Insurance Commissioner Reynaldo Regalado outlined the procedures for claimants to address their claims against Loyola Plans.

Claimants who have not yet submitted their claims or have not been included in the masterlist are urged to do so within 180 days from the last publication of the notice on October 21, 2023, which extends until April 18, 2024.

To file a claim, individuals must submit their claims under oath to the appointed liquidator. This submission should include all relevant documents and proofs that elucidate the character, basis, and amount of each claim.

The IC emphasized that claims submitted after April 18, 2024, will not be considered in the standard liquidation process. Instead, these claims will be referred to the company for reconsideration within its dissolution and winding up proceedings.

The IC reminded all claimants of the importance of adhering to the specified timeline for filing their claims.