Comprehensive Annuity Plans and Pension (CAP Pension) has been under receivership on August 24 by the Insurance Commission.
The IC also issued a notice of stay order effective the same day to consolidate, preserve, and protect the assets of the company for plan holders and creditors while it is going through the receivership proceedings.
Insurance Commissioner Reynaldo A. Regalado designated Atty. Richie Q. Caranto as receiver.
Concerned policy holders, creditors, and interested parties are advised to address their claims and concerns to Caranto at the CAP Pension Office, CAP Bldg. 126 Amorsolo cor. Rufino, Legaspi Village, Makati with email address richie.caranto@gmail.com or the conservatorship, receivership and liquidation division of the IC at 1071 United Nations Avenue, Ermita, Manila.
The payment of claims against CAP Education and CAP Pension was suspended in 2019 when the Supreme Court issued a temporary restraining order that placed on hold the implementation of the extended and modified rehabilitation plan of CAP-Education.
The TRO was issued to give time to evaluate and decide on certain issues raised by the Securities and Exchange Commission on the rehabilitation plan approved by the Regional Trial Court of Makati Branch 149.
In June 2021, the Supreme Court affirmed the IC’s position enjoining College Assurance Plans Philippines Inc. from including the properties of CAP Pension in its corporate rehabilitation proceedings. While CAPPI owns 86% of CAP Pension’s stock, the latter has a separate legal personality from CAPPI and that CAP Pension is not liable for the obligations of CAPPI.
CAP Pension was placed under conservatorship on September 13, 2010 after the Preneed Code of the Philippines was passed into law in December 2009. CAP Pension was placed under conservatorship because of capital impairment and trust fund deficiencies.
