MANILA, Philippines — Pre-need firm Danvil Plans Inc. has paid out more than P1.62 billion in claims to over 17,000 planholders following the formal closure of its liquidation proceedings last March.
According to the Insurance Commission (IC), Danvil has released P1.62 billion covering 17,274 claims during the liquidation process, as well as 15 additional claims after the formal closure of the proceedings on March 6, 2026.
The regulator, however, said that 7,681 planholders have yet to claim their checks, with Danvil currently sending notices to the remaining claimants to facilitate the release of payments.
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READ: Insurance Commission declares end of Danvil Plan’s liquidation process
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“The settlement of these claims reflects the continuing commitment of the Insurance Commission and the liquidator to protect the interests of planholders and ensure that they receive the benefits due to them,” Insurance Commissioner Reynaldo Regalado said in a statement on Friday.
“We encourage all remaining claimants to coordinate with Danvil and complete the necessary requirements for the release of their claims,” he added.
The IC earlier issued a directive in January declaring that Danvil had fully complied with the legal and regulatory requirements for the completion of its liquidation proceedings.
This paved the way for the formal closure and termination of the company’s liquidation process.
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Subsequently, in March, the regulator issued a statement of completion of liquidation proceedings, effectively concluding the shutdown of the pre-need firm after more than a decade.
Danvil was first placed under conservatorship in October 2010 before it was ordered liquidated in December 2014 due to financial difficulties.
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Distribution of benefits to planholders began in December 2015 for matured plans, while payouts for fully paid but not yet matured plans, actively paying plans, and pre-terminated plans started in February 2016.
Following the completion of distributions, Danvil applied for formal closure of its liquidation proceedings in 2021. Under IC rules, the closure required the final disposal and distribution of assets, as well as the accounting of unclaimed benefits.
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The company is expected to continue addressing its remaining corporate liabilities under a new corporate name and as a non-insurance entity, although the transition remains subject to approval by the Securities and Exchange Commission. /atm