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                    [ArticleID] => 349544
                    [Title] => IC bats for hike in capital base of insurance firms to P100M
                    [Summary] => 



The Insurance Commission (IC) wants insurance firms to have a minimum net worth of P100 million by yearend, increasing by another P100 million annually until it hits P500 million.


Presently,  insurance companies  have a minimum paid-up capital requiremment of P50 million.


Likewise, the risk-based capital (RBC) formula for all insurers will  be adopted which should be completed within two to three years, the IC added.


But for new insurers, the commission will require a capital base of P1 billion.


                    [DatePublished] => 2006-07-27 00:00:00
                    [ColumnID] => 133272
                    [Focus] => 0
                    [AuthorID] => 1097672
                    [AuthorName] => Ted P. Torres
                    [SectionName] => Business
                    [SectionUrl] => business
                    [URL] => 
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ESCOBILLIO

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                    [ArticleID] => 349544
                    [Title] => IC bats for hike in capital base of insurance firms to P100M
                    [Summary] => 



The Insurance Commission (IC) wants insurance firms to have a minimum net worth of P100 million by yearend, increasing by another P100 million annually until it hits P500 million.


Presently,  insurance companies  have a minimum paid-up capital requiremment of P50 million.


Likewise, the risk-based capital (RBC) formula for all insurers will  be adopted which should be completed within two to three years, the IC added.


But for new insurers, the commission will require a capital base of P1 billion.


                    [DatePublished] => 2006-07-27 00:00:00
                    [ColumnID] => 133272
                    [Focus] => 0
                    [AuthorID] => 1097672
                    [AuthorName] => Ted P. Torres
                    [SectionName] => Business
                    [SectionUrl] => business
                    [URL] => 
                )

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IC bats for hike in capital base of insurance firms to P100M

By Ted P. Torres | July 27, 2006 - 12:00am

The Insurance Commission (IC) wants insurance firms to have a minimum net worth of P100 million by yearend, increasing by another P100 million annually until it hits P500 million. Presently, insurance companies...

Business