[results] => Array
            [0] => Array
                    [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] => ) [1] => Array ( [ArticleID] => 335938 [Title] => Insurance Commission hikes capitalization requirements [Summary] => Before the end of this year, the Insurance Commission (IC) will be implementing the increased capitalization and net-worth requirement of all insurance companies under the commission to avoid further financial problems that affect the industry's growth. [DatePublished] => 2006-05-10 00:00:00 [ColumnID] => 133272 [Focus] => 0 [AuthorID] => 1298072 [AuthorName] => Ehda Dagooc [SectionName] => Freeman Cebu Business [SectionUrl] => cebu-business [URL] => ) [2] => Array ( [ArticleID] => 302610 [Title] => Insurers seek formula on cap hike, risk-based asset management [Summary] => The country’s insurance industry is eyeing to work out a formula that would combine a possible revision on the proposed hike in paid-up capital and the internationally-accepted risk-based asset management.

"What could be a better proposition is a combination of the two proposals," Jose L. Cuisia Jr., president of the Philippine Life Insurance Association (PLIA) said yesterday.

Cuisia proposed that the Insurance Commission (IC), the Department of Finance (DOF), and PLIA should develop an acceptable formula for both the regulators and the industry. [DatePublished] => 2005-10-19 00:00:00 [ColumnID] => 133272 [Focus] => 0 [AuthorID] => 1097672 [AuthorName] => Ted P. Torres [SectionName] => Business [SectionUrl] => business [URL] => ) [3] => Array ( [ArticleID] => 300411 [Title] => Escobillo named new insurance commissioner [Summary] => The Department of Finance (DOF) announced yesterday the appointment of Evangeline C. Escobillo as new insurance commissioner effective immediately.

Finance Secretary Margarito Teves said in a press briefing that Escobillo has extensive experience in the insurance industry, particularly in actuarial studies.
[DatePublished] => 2005-10-07 00:00:00 [ColumnID] => 133272 [Focus] => 0 [AuthorID] => 1096364 [AuthorName] => Donnabelle L. Gatdula [SectionName] => Business [SectionUrl] => business [URL] => ) ) )
Are you sure you want to log out?

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

or sign in with