The Insurance Commission (IC) recently issued cease and desist orders (CDOs) against entities found to have conducted business without the necessary license.
One of the sanctioned companies, Mortuaries’ Cooperation Internment Assistance Group, Inc. (MCIA Group, Inc.), has previously been told to stop engaging the consuming public given its lack of authority to engage in the business, which earned it a new sanction.
According to the IC, the MCIA Group was slapped with a CDO “for engaging in activities akin to preneed and/or insurance business without the requisite Certificate of Authority” issued by the regulator.
The other business entity similarly told to cease its engagement with the consuming public pertains to Future Life Care Memorial Services Company (Future Life) in the wake of complaints from the public and a thorough investigation by the IC.
“Both companies were consequently ordered to return all contributions or monies collected or received from its clients relative to the unlicensed conduct of business, without prejudice to the filing of appropriate cases against the responsible officers of the said companies,” the IC said.
The regulator originally issued a CDO against the MCIA Group on March 11, 2020 who then promptly appealed for reconsideration but was turned down again on November 29 last year.
“For protection and peace of mind, the public is strongly advised to transact only with duly licensed preneed and insurance companies and licensed intermediaries, “ IC chief Dennis Funa said.
According to the regulator, the MCIA Group, despite its lack of authority from the IC, provided future memorial services to clients via affiliated mortuaries and funeral homes or cash or instalment basis over a 12-month period.
Future Life was found to have sold, via Facebook and other outlets, both preneed and insurance products even without a license, Funa said.
