Thursday, February 22, 2018

Philippines to review capital rules for insurers

The Philippine government intends to review the capitalisation requirement implemented on local insurance companies.

Insurance commissioner Dennis Funa said the commission would re-examine the net worth requirements of local insurance companies following the study it conducted on the capitalisation system in the South-East Asian region.

In that study, the commission found that the Philippines has the highest net worth requirement for insurance industries among the member-economies of the Association of South-East Asian Nations.

Funa said the proposal to adjust the net worth requirement was first put forward by non-life insurance firms.

New players in the industry are mandated to have P1 billion (US$19.5 million) in paid-up capital when they set up their businesses in the country.

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