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More foreign companies are likely to enter the insurance business in the Philippines as the final tranche of the increase in capital requirement – a move that would impact small local firms – nears implementation.
Local insurers are no longer optimistic on the possible extension of the final tranche of increase in capital requirement by yearend, but the industry maintained it would continue to push for its review.
The Insurance Commission (IC) has finally approved the guidelines on the adoption of a regulatory sandbox framework in a bid to encourage greater private sector participation in agricultural insurance. According to Circular Letter No. 2021-60 signed by Insurance Commissioner Dennis B. Funa, “agriculture insurance in the country is mostly provided…