Any update on College Assurance Plan (CAP)?
September 29, 2008
What’s the latest on CAP or College Assurance Plan, the failed pre-need firm that left millions of Filipino pension and educational plan holders with nothing when it went down several years ago?
That’s what a few PMT members want to know in the discussion thread CAP Insurance, any experience?
Member foolcha said that CAP Pension is still liquid with enough assets in cash while the CAP Educational Plan has assets but are mostly illiquid, which means they cannot be easily converted to cash. Both CAP Pension and CAP Educational Plan are being managed by a trustee under the supervision of the Securities and Exchange Commission (SEC).
Another member, Langerhans, shared that a friend supposedly was able to get small amounts of refund on a staggered basis from CAP. Unfortunately, no additional details were provided.
Were you a CAP policy holder? How did you cope with the collapse of this pre-need firm? Have you received any refund or repayment for your policy? Or do you have any official updates on CAP?
Join the discussion here: CAP Insurance, any experience.
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September 29th, 2008 at 9:39 pm
I’m one of the victims and now working for myself, but haven’t taken back the money that my father painfully earned for my college.
September 30th, 2008 at 2:38 pm
I was able to finish my college in Ateneo with the help of CAP. Good timing though that I was able to graduate before it collapsed. Wrong actuarial science maybe is the key reason why it fell. And too much investment on raw lands that were not sold.
October 12th, 2008 at 6:11 am
i don’t have any idea for now; cause’ i have no time to visit any cap office(im an ofw in ksa).my eldest son will be in college this coming 2009,i hope the cap will cooperate,we pay it from 1992 to 1997.please post if anyone had a good news