IC threatens to close Loyola
The Insurance Commission on Thursday threatened to shut down pre-need company Loyola Plans Consolidated after its thrust fund fell short to serve the claims of 100,000 plan holders.
IC said it gave Loyola Plans until Monday to explain why it should not be placed under conservatorship and why it should not be ordered to stop operations.
The agency served Loyola Plans a show-cause order dated April 11 and gave the company five working days to respond to the order.
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