The Insurance Commission formally declared the liquidation of Danvil Plans Inc. closed, ending the pre-need company’s decade-long shutdown.
The regulator said the proceedings are officially terminated following compliance with Circular Letter No. 2020-112, which sets the guidelines for closing pre-need company liquidations.
An official statement of completion dated March 6 confirmed that the firm’s assets were properly disposed of and planholder claims settled to the extent possible. Unclaimed benefits were also accounted for.
Danvil Plans first applied for formal closure in 2021, five years after distributing more than 68 percent of over P2 billion in benefit checks as directed by the IC in 2016.
The liquidation process began in 2014 after the company encountered financial difficulties, marking a decade of winding down its operations.
The circular ensures that the closure process addresses the final disposal and distribution of assets and unclaimed planholder benefits, formalizing the end of the firm’s obligations under its pre-need plans.
The IC emphasized that the formal closure confirms compliance with all regulatory requirements and signals the conclusion of administrative proceedings.
Remaining corporate liabilities will now be handled under Danvil’s new name and corporate purpose, completing the company’s transition from pre-need operations.