Philippine regulator shuts down five non-life firmsMarch 16 2018 by InsuranceAsia News Staff
Five non-life insurance companies in the Philippines have been shut down by the Philippine Insurance Commission (IC) for failing to meet the capital requirements set in the country’s insurance code.
The five firms are First Integrated Bonding and Insurance, Investors Assurance, Metropolitan Insurance, Plaridel Surety and Insurance and Premier Insurance and Surety.
Insurance commissioner Dennis Funa said the five insurers were placed under conservatorship because of their inability to meet the increase in the statutory minimum net worth requirement of insurance companies, which is P550 million (US$10.56 million) starting in 2016.
He also emphasised that the companies were not shut down due to a weak financial status.
The insurance regulator has appointed a conservator for each insurer, to be in charge of the management of the company, as well as its assets and liabilities, while it is wound down.
- March 6
As insurers reach the implementation phase of IFRS 17 there is plenty of work ahead.
- February 28
Insurance Council of Australia chief executive Rob Whelan warns of need for balance to reforms.
- February 27
Insurance firms will need to set up offices in Labuan to benefit from its 3% tax rate.
- February 25
The Chinese government has yet to find an investor for the insurance giant.