The Insurance Commission announced the suspension of 15 insurance companies due to their inability ot meet the Php100 Million capitalization requirement.
Additional cash to meet the capitalization requirement would be needed to lift the said suspension. This means that suspended companies will not be permitted to sell insurance produces. And will only be required to service insurance claims.
Among the 15 companies suspended are : LIFE - One Life Insurance Company and Generali Pilipinas Assurance. NON-LIFE - Asia United Insurance Inc. , Covenant Assurance Co., Inc., Eastern Assurance & Surety Corp., Finman General Assurance Corp., First Integrated Bonding & Insurance Co.,Inc., Generali Pilipinas Insurance Co. Inc., Investors Assurance Corp., Manila Insurance Co. Inc., Meridian Assurance Corp., Monarch Insurance Co. Inc., Oriental Assurance Corp., Solid Guaranty Inc., Summit Guaranty & Insurance Co. Inc. and Travellers Insurance & Surety Corp.
Insurance Commissioner Evangeline Escobillo said that the list of insurance firms and non-life insurance companies have not submitted their financial statements to date.
