THE Insurance Commission is studying the possibility of putting a cap of P900 million on the net worth requirement of insurance companies in the country, a high-ranking official of the Insurance Commission said.
Deputy commissioner Ferdinand George Florendo said in a briefing majority of insurance companies had already complied with the previous limit of P550 million and that those who failed to comply were issued a cease-and-desist order.
“Under the Insurance Code, there are scheduled increases of P550 million in 2016, P900 million in 2019, and in 2022 it is going to be P1.3 billion net worth requirement. For the last increase which is the P550 million, most of the companies have already complied… ,” Florendo said.
“Currently, what the industry is requesting is for IC to look at the possibility of reviewing the requirements of the IC code… so that it would not be as burdensome to the local players,” Florendo said.