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More insurance companies in the country are now “on track” to comply with the P1.3 billion minimum net worth requirement by the end of this year under the Insurance Code, the Insurance Commission (IC) said. Based on quarterly reports of the licensed insurance firms as of end-September last year, 23…
A foreign conglomerate within Southeast Asia is set to enter the Philippine life insurance and non-life insurance market. Insurance Commissioner Dennis B. Funa also revealed the new entrant can also well-afford the higher minimum net-worth requirement for insurance players at P1.3 billion. “One conglomerate will own both [life and non-life],”…
FINANCE Secretary Carlos G. Dominguez III has thumbed down a proposed Senate bill seeking to cap the minimum net worth requirement of insurance players at P900 million instead of jacking it up to P1.3 billion by the end of this year. Speaking on the sidelines of the 73rd Insurance Commission anniversary…
February 9, 2021 | 12:02 am Font Size BW FILE PHOTO THE Insurance Commission (IC) said prepaid facilitation fees from bancassurance arrangements will not be considered as admitted assets of insurers in their statements of financial condition. Insurance Commissioner Dennis B. Funa issued Circular Letter 2021-07 dated Jan. 28 to clarify that facilitation fees paid in advance by insurance companies to a bank in a bancassurance arrangement will not be considered as an admitted asset under the former’s financial condition reports. “Facilitation fees paid in advance and booked as prepa...