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MANILA, Philippines --- The Commission on Audit (COA) has called out the Civil Aviation Authority of the Philippines (CAAP) for purchasing life insurance plans worth a total of P500 million for 10 of its officials, despite lack of board approval and proper seCOA questions CAAP over P500M spent for 10 execs’ life insurance
MANILA, Philippines --- The Commission on Audit (COA) has called out the Civil Aviation Authority of the Philippines (CAAP) for purchasing life insurance plans worth a total of P500 million for 10 of its officials, despite lack of board approval and proper selection criteria. In its annual audit report, the COA said the insurance plans, bought from United Coconut Planters Life Assurance Corp. (Cocolife), were the single-pay variable life insurance type, also called the Zenith plan under Cocolife. A variable life insurance product is an investment-linked product that simultaneously provides insurance and invests in mutual funds or unit investment funds. ...Keep on reading: COA questions CAAP over P500M spent for 10 execs’ life insurance Read more