THE Insurance Commission (IC) on Monday said it placed Himlayang Pilipino Plans Inc. (HPPI) under conservatorship as it was unable to "address its insolvency issues and fill up trust fund deficiencies."
In a statement, IC Commissioner Dennis Funa said they previously issued a cease-and-desist order (CDO) against HPPI due to its "continuing inability or unwillingness to comply" with the instructions to cover up its P112.3-million insolvency and P184.88-million trust fund deficiencies resulting from the verification of its 2020 annual statement (AS).
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