The Insurance Commission (IC) has issued a cease-and-desist order against Cocoplans, Inc. and placed the pre-need company under conservatorship for failing to comply with the Pre-Need Code of the Philippines.

In a notice dated July 27, the regulator said concerned planholders, creditors, and other interested parties should file and address their claims and concerns with the company’s assigned conservator.

Latest IC data showed that Cocoplans had a pending license as of end-March 2024. The company posted a net loss of P15.08 million during the period, with paid-up capital of P100 million.

It also reported a total fund deficiency of P49.98 million, total reserves of P542.16 million, and total assets of P753.63 million.

According to its website, Cocoplans is part of the United Coconut Planters Bank Group of Companies and started operations in 1994. The IC’s move places the company under closer regulatory oversight, underscoring the agency’s role in monitoring whether pre-need firms maintain the required financial position to honor obligations to planholders.

Meanwhile, the pre-need industry’s net income fell 88.05% in the first quarter of 2026 to P140 million, as trust fund earnings were dragged down by increased market volatility, based on IC data.

This was despite a 12.32% increase in premium income to P6.53 billion and an 11.92% rise in the number of plans sold to 244,233. — A.M.C. Sy