Sunday, July 23, 2017

Insurers protected from local governments in the Philippines

The Philippines’ Department of Interior and Local Government (DILG) said duly-licenced insurance companies are permitted to do business in the country without having to get accreditation from the local government units (LGU).

The department reminded LGUs to comply with the provisions of Republic Act No. 10607 otherwise known as ‘An Act Strengthening the Insurance Industry’.

As long as insurance companies have a valid Certificate of Authority from the insurance commissioner, they should not be hindered from doing any business by any local government, according to DILG officer-in-charge Catalino Cuy.

Cuy said LGUs must always foster a business-friendly environment for investors.

Any local legislation posing limitations on the insurance company with valid IC certificate shall be considered null and void, he added.

Cuy has issued a directive to all provincial governors, vice governors, city and municipal mayors, Autonomous Region of Muslim Mindanao regional governor, and DILG regional directors reminding them of the said law.

 

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