TEN LIFE insurance companies plan to consolidate next year to meet the
government's paid-up capital requirement, the country's insurance chief
said.
"About 10 [life insurance] companies are thinking of consolidating to
meet the P250-million minimum paid-up capital requirement by Dec. 2012,"
Insurance Commissioner Emmanuel L. Dooc told reporters yesterday.
The plan has gotten the approval of some of the firms' boards, he claimed.
He, however, declined to name the companies but said these belonged to
the lower half of the Insurance Commission's ranking of life insurers in
terms of total premiums.
Finance Dept. Order 27 issued in 2006 required insurers to have P175
million in paid-up capital this year and P250 million next year.
Mr. Dooc said the life insurers that plan to consolidate will establish
"one new company" that should be fully operational by "June 2012." -- ARRG
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