Regulator flags firm for lacking license to sell insurance


THE Insurance Commission (IC) issued a cease-and-desist order (CDO) against Holy Angels Health Management Services as it lacked the license from the regulator to sell insurance policies.

This came after the IC investigated the operations of Holy Angels following the receipt of a complaint stating that the company, which presents itself as an insurer, did not pay the corresponding benefits when the insurance policies they obtained matured.

The complainant, later on, learned from the IC’s Licensing Division that Holy Angels was not a licensed insurance firm.

Responding to IC’s demand to explain the issues alleged by the complainant, Holy Angels, through its President, explained that they operated as an insurance agency and that the claims of the complainant and her kin were already settled.

After finding the explanation misplaced, Insurance Commissioner Dennis B. Funa then issued the CDO in a bid to stop Holy Angels’ insurance agency business due to the lack of license to do so. It was also ordered to refund the amounts it received from the complainant and her kin.

“Bearing in mind that the sale of contracts of insurance is imbued with public interest, it is within this Commission’s mandate to safeguard the rights and interest of the insuring public against the deleterious effects of unsanctioned and unsupervised activities of unregistered entities,” Funa was quoted in a statement as saying. “The insuring public is thus warned not to transact with these unregistered entities and encouraged to report the same to the IC.” 

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