The Insurance Commission (IC) has upheld its cease-and-desist orders (CDO) against Mortuaries’ Cooperation Internment Assistance Group, Inc. (MCIA Group, Inc.) and Future Life Care Memorial Services Co. due to unlicensed operations.
Both companies were found engaging in similar services offered by pre-need and insurance businesses without an IC-issued Certificate of Authority and has been ordered to return money collected or received from its clients.
The regulator found that MCIA Group violated Republic Act No. 9829 or the Pre-Need Code of the Philippines as the company has been offering future memorial services upon death to its members in exchange for cash or installment amounts for more than a year.
Meanwhile, Future Life was found selling insurance products without the necessary license. This includes mortuary packages with a five-year period that contains natural death benefits, accidental death benefits, and a memorial service package. The firm acted as an insurance agency contrary to the provisions of the Insurance Code of the Philippines as amended by Republic Act No. 10607.
Insurance Commissioner Dennis B. Funa advises the public to transact only with licensed pre-need and insurance companies and licensed intermediaries. The advice comes with the reassurance that the regulator will be more vigilant in eliminating unlicensed organizations.
The IC originally issued the CDOs against MCIA Group and Future Life on March 11, 2020 and Oct. 17, 2022, respectively. MCIA Group’s request for reconsideration of the CDO issuance was denied by the regulator in a letter dated Nov. 29, 2022.
