The regulator said that it cannot allow the merge between the firm’s units.
Insurance Commission (IC), in a legal opinion, said it cannot legally allow the merger of Manufacturers Life Insurance Co. Inc. (Manulife Philippines) and Manulife Financial Plans Inc. (MFP), a pre-need company. Manulife Philippines and MFP, per IC, were being urged to submit an alternate proposal on their corporate group restructuring plan.
IC further explained that there was no provision in the Amended Insurance Code of the Philippines and the Pre-Need Code of the Philippines that allow the union between an insurance company and a firm with different lines of business.
