Gov’t gives 6 insurance firms temporary reprieve from capital requirement amid COVID-19 hardships

The Insurance Commission (IC) has granted temporary reprieve even to insurers which had failed to meet end-2019 capitalization requirement as Luzon is rendered immobile by COVID-19 quarantine.

Insurance Commissioner Dennis B. Funa said in an order on Tuesday (March 24) that since operations of insurance firms and the IC itself are “both being impeded” by travel restrictions, the IC put on hold all orders it issued requiring insurance companies to comply with the capital requirement or explain why if they haven’t.

Just the same, Funa reminded insurance firms of the requirement.

Funa told the Inquirer that to date, only six insurers remained non-complaint.

Edited by TSB

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