IC says two closed insurers operating under new names

THE INSURANCE Commission (IC) has found that two insurance firms it closed back in 2017 are now operating under new names, its top official said.

After an investigation, Insurance Commissioner Dennis B. Funa said they found out that the Majar Senior Citizen Damayan, Inc. (Majar Damayan) and Majar Insurance Agency and Business Ventures, Inc., (Majar Insurance) continue to offer insurance and pre-need services under the guise of two new firms that are also unregistered.

The IC has issued a cease and desist order (CDO) to these two new firms named Golden Age Elderly Care, Inc., (Golden Age) and Benevolent Care Program Association (Benevolent Care). They are no longer allowed to sell insurance or pre-need products or perform related activities.

Back in 2015 and 2017, the IC issued CDOs against Majar Damayan and Majar Insurance, respectively, for failing to secure secondary licenses from the IC.

“Despite the Cease and Desist Order issued by the IC against Majar Damayan and Majar Insurance, they continue to accept members and investors through other entities under different names based on the investigation conducted by the IC, it appears that Golden Age and Benevolent Care were formed to evade the CDOs issued by the Commission, in 2015 and 2017 against Majar Damayan and Majar Insurance, respectively,” Mr. Funa was quoted in the statement released Monday.

He explained that Golden Age and Benevolent Care assumed the collection of payments for the two closed firms, based on the documents they obtained.

Mr. Funa warned the public to stop transacting with Golden Age and Benevolent Care as these two firms are not licensed to offer insurance and pre-need products.

“In a Cease and Desist Order addressed to Mr. Manuel A. Jarapa, in his capacity as President of Golden Age and Benevolent, these companies were ordered to stop from selling any insurance and/or pre-need products, or from performing any activities that only an insurance or pre-need company licensed by the IC can legally do,” IC said in the statement.

Mr. Funa ordered the president of Golden Age and Benevolent to return all paid contributions to their members.

“This directive is without prejudice to the filing of appropriate cases against individuals found to be responsible for these alleged activities,” the IC said. — Beatrice M. Laforga