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Insurance Commission May Compel Danvil to Pay More (Eye)

A call to Danvil at their Alabang office (tel. no. 828.0468/6184) on 05 May 2014 produced the same answer for the past months: the termination checks cannot be released due to a hold by the Insurance Commission.

 The delay turned out to be good news. I managed to speak with Ms. Sally Bactol of the Actuarial Dept. in the Insurance Commission who explained the delay. The Danvil audit report is currently with the Management Committee (ManCom), of which the Chief Deputy Commissioner is part of, and who, in turn, will make his recommendation to the Insurance Commissioner.

 The suspension of payments is due to the fact that ManCom wants to ensure that Danvil's coffers will be at a zero balance, i.e. all possible payments are given to its clients, which means there's a very good possibility that the current offer by Danvil at 50% of the policy's value may become higher, as ordered by the Insurance Commission.

 When I raised my concern that my mother had already signed the termination papers, Ms. Bactol assured me that since she has not yet received any form of payment from Danvil, then my mom's policies can still be included in the changes the Insurance Commission will mandate. For that, we're willing to suffer more delays since it may mean higher compensation.

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