1 week 4 undercapitalized insurers face closure Inquirer
Four insurers have yet to comply with last year's P900-million net worth requirement and the regulator is giving them a few more days to beef up their capital or face closure. Insurance Commissioner Dennis B. Funa told the Inquirer that of the six insurance firms granted temporary reprieve last March at the onset of the COVID-19 pandemic, two companies had already complied. As for the four remaining undercapitalized insurers, which Funa did not identify, the Insurance Commission (IC) had ordered them to comply "in the coming days." Funa said noncompliant insurers would be dealt with "very soon" if they would ... more