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PIA Press Release
2006/11/29

Gov't warns public vs insurance companies with expired licenses

by Prix D Banzon

Davao City (29 November) -- The Insurance Commission (IC) urged the public to transact only with legitimate insurance companies and warned insurance companies operating with expired license of legal actions.

IC-XI insurance specialist Jay Satoquia told the Philippine Information Agency that insurance companies operates on a yearly registration renewable every June 30.

However, he said renewal of registration is only granted to companies that complies with the IC requirements like regular settlements of claims and meeting the required capitalization.

He said it does not follow that companies can just renew their licenses because the IC still has to check whether they follow the prescribed rules.

"If companies have unpaid claims and the capitalization does not meet the required amount then yong company na hindi maka settle ng claims ay may problema," he said.

He said the IC don't just let the company go bankrupt kasi kung makita na sa libro nila ang takbo ng operation na hindi maganda and are facing several complaints they will already conduct assessment and investigation.

Land Transportation Office XI regional director Atty Gomer Dy was asked by Davao City Mayor Rodrigo Duterte to look into insurance companies operating within the city that does not settle claims of victims covered by non-life insurance.

Latest report stated that LTO XI is investigating 22 insurance firms and verifying status of accreditation issued by the IC.

Satoquia meanwhile said that a company with renewed registration may just operate the way they want and fall short of their obligation to the insured.

"Hindi ito pwede at talagang imbestigahan sila to the point if proven ay ma cancel and kanilang license and they will be barred from operating," he said.

However, he said everything will still go through a process and after the companies are issued a cease and desist order (CDOs) they are given certain period to settle and comply with requirements otherwise their offices will be padlocked.

He named some companies that were issued CDOs in 2004 namely Capital Insurance Company in June 3, Development Insurance Company, November 11, Mega Pacific Insurance Corporation, December 6.

Satoquia meanwhile said that the IC as a regulatory body under the Department of Finance monitors insurance companies to ensure that the insured are protected.

He said the insurance industry is doing good even as they encourage merger and consolidation of small companies to better served their clients.

He encouraged everyone also to have themselves insured but only to a registered company recognized by the IC.

"Even if our needs in case of accident could not be covered 100 percent by the policy, it could somehow be of help," he said. (PIA XI) [top]

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