The Insurance Commission (IC) has issued a strong warning against Benevolent Care Program Association Inc., identifying it as a potential scam targeting senior citizens. This alert comes as authorities discovered that Benevolent Care Program Association Inc., along with Golden Age Elderly Care Inc., are suspected to be rebranded versions of previously shut down fraudulent companies, Majar Senior Citizen Damayan Inc. and Majar Insurance Agency and Business Ventures Inc.
Insurance Commissioner Dennis B. Funa stated that investigations revealed Benevolent Care Program Association and Golden Age Elderly Care were established to circumvent cease-and-desist orders issued against Majar Damayan and Majar Insurance in 2015 and 2017. These earlier companies were found to be illegally selling insurance and pre-need products without the necessary licenses, preying on vulnerable individuals.
These deceptive operations involved enticing the public, particularly senior citizens, to pay membership fees with false promises of insurance coverage, health care services, and burial cash assistance. Despite the closure of Majar Damayan and Majar Insurance, these fraudulent schemes persisted under new guises, continuing to mislead unsuspecting individuals.
The IC’s investigation exposed a clear pattern of deception, with Benevolent Care Program Association Inc. and Golden Age Elderly Care Inc. actively collecting payments under fraudulent insurance contracts initially issued by the defunct Majar companies. This illegal operation means these entities have been unlawfully holding members’ money from the outset, according to Commissioner Funa.
The Insurance Commission emphasizes that Benevolent Care Program Association Inc. and Golden Age Elderly Care Inc. lack the required licenses to operate and sell insurance products. Commissioner Funa has urged these companies to return all collected funds to their victims, regardless of whether individual refund claims have been filed.
To further address this serious issue, Commissioner Funa has requested the National Bureau of Investigation (NBI) to launch a full investigation and file appropriate charges against those involved in these fraudulent insurance schemes.
Protect yourself from similar scams:
- Always verify if an insurance company is licensed with the Insurance Commission before purchasing any policy or membership.
- Be wary of unsolicited offers promising unrealistic benefits for membership fees.
- Consult with trusted financial advisors before making decisions about insurance or pre-need plans.
- Report any suspected fraudulent insurance activities to the Insurance Commission and the NBI.
This warning serves to protect senior citizens and the public from falling victim to these unscrupulous operations. Stay informed and vigilant to safeguard your financial well-being.
