2/16/2018 7 insurers give up licenses | Inquirer Business

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7 inurer give up licene
By: Ben O. de Vera- Reporter / @bendeveraINQ Philippine Dail Inquirer / 0459 AM Feruar 14, 2018

Seven insurance firms have stopped operations and voluntarily   LATT TORI MOT RAD
surrendered their respective licenses as most of them were unable to PRN
comply with the higher net worth requirement. What Caused Jennifer
Aniston and Justin
Theroux’s Split?
In a statement, Insurance Commissioner Dennis B. Funa identified the six FRUARY 16, 2018 0923 AM
nonlife companies that surrendered their licenses to engage in insurance NWINFO
LPA continues to bring
business as Centennial Guarantee Assurance Corp., FLT Prime Insurance cloudy skies, rain over
Corp., Manila Surety and Fidelity Co. Inc., Meridian Assurance Corp., The Palawan – Pagasa
FRUARY 16, 2018 0918 AM
Solid Guaranty Inc. and United Insurance Co. Inc. NTRTAINMNT
Jennifer Aniston and
One life insurance player, CAP Life Insurance Corp., also stopped Justin Theroux announce
separation
operations, Funa said. FRUARY 16, 2018 0847 AM
NWINFO
Despite their closure, Funa said “policyholders of these companies US Senate rejects several
immigration reform
numbering to about 170,000 will not be affected as all existing contracts
proposals
issued by these companies will remain effective and that they (the insurers) FRUARY 16, 2018 0835 AM
NTRTAINMNT
are still bound to honor their contractual obligations and settle claims that
Amy Schumer ties knot
may be filed.” with chef Chris Fischer
FRUARY 16, 2018 0831 AM

      

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The Insurance Commission continues to closely monitor the limited Recommended by

business activities of these companies, specifically to ensure that all their
liabilities to their policyholders are settled as they fall due, Funa added.

According to Funa, the majority of these firms surrendered their licenses as

their net worth fell short of the mandatory minimum of P550 million under
the Amended Insurance Code or Republic Act (RA) No. 10607.

“While these companies are not compliant with the P550-million net worth
requirement, their net worth are positive which means they have sufficient
assets to settle their obligations to policyholders,” he said.

Following the surrender of their licenses, these companies were issued

individual servicing licenses for the orderly “run-off” of their insurance
businesses. A company in an orderly ‘run-off’ is restricted from writing new
insurance contracts or extending existing contracts and their activities are
limited only to accepting premium payments from their policyholders,
paying cash surrender values of outstanding policies to their policyholders,
reviving lapsed policies, and other related services,” he said.

RA 10607 further increases the required minimum net worth of insurance

firms to P900 million by the end of 2019 and to P1.3 billion by the end of
2022.

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