Insurers decry inclusion in govt 'black list'
05/28/2007 | 05:13 PM
Generali Pilipinas Life Insurance and Oriental Assurance Corp. on Monday disputed claims made by the Philippines' Insurance Commission, and said they are operating above the capital requirement set by the government.
Last week, the Insurance Commission released a list of 15 life and non-life insurance companies which have supposedly failed to meet the capital requirements set by the government.
Generali Pilipinas, a joint venture between Generali Asia and Banco de Oro Universal Bank of the SM group of companies, said in a statement that it has made capital infusions totaling P1.9 billion since last year in order to comply with requirements for life insurance providers.
The company said its total capitalization of more than P1.9 billion goes above and beyond the the minimum P300 million net worth requirement for Generali Pilipinas Life Assurance Company Inc. and Generali Pilipinas Insurance Company Inc.
Generali Pilipinas said it is now just waiting for the the Bangko Sentral ng Pilipinas' approval if bid for the release of the additional capital infusions held in escrow made by Generali Asia and Banco de Oro early this year to comply with the capital requirement.
For its part, Oriental Assurance said in a statement that it has a net worth of more than P100 million though it has yet to submit its 2006 financial statement. The deadline for the annual statement is on May 31.
Oriental Assurance is a 45-year-old company that specializes in fire insurance and other non-life insurance products.
“For the record, the net worth of Oriental Assurance is way above P100 million and to say otherwise is to discredit the reputable and very stable image of our company," executive vice Oriental Assurance president Luz Cotoco said.
“Insurance is built on trust and reckless announcements such as this unfairly cause damage to that trust. Banks, brokers and policyholders have been calling us the whole morning, checking whether what they read was true. It is very unfair for the Insurance Commission to do this to us," Cotoco said.
Aside from Generali Pilipinas and Oriental Assurance, insurance firms included in the government "black list" are: Asia United Insurance, Covenant Assurance Co., Eastern Assurance & Surety, Finman General Assurance, First Integrated Bonding & Insurance, Investors Assurance, Manila Insurance, Meridian Assurance, Monarch Insurance, Solid Guaranty, Summit Guarantee & Insurance, and Travellers Insurance & Surety.
Last year, the Insurance Commission double the minimum capitalization for both life and non-life insurance companies to P100 million from P50 million in its bid to help sustain public and investor confidence in the capital-intensive insurance industry. - GMANews.TV
Last week, the Insurance Commission released a list of 15 life and non-life insurance companies which have supposedly failed to meet the capital requirements set by the government.
Generali Pilipinas, a joint venture between Generali Asia and Banco de Oro Universal Bank of the SM group of companies, said in a statement that it has made capital infusions totaling P1.9 billion since last year in order to comply with requirements for life insurance providers.
The company said its total capitalization of more than P1.9 billion goes above and beyond the the minimum P300 million net worth requirement for Generali Pilipinas Life Assurance Company Inc. and Generali Pilipinas Insurance Company Inc.
Generali Pilipinas said it is now just waiting for the the Bangko Sentral ng Pilipinas' approval if bid for the release of the additional capital infusions held in escrow made by Generali Asia and Banco de Oro early this year to comply with the capital requirement.
For its part, Oriental Assurance said in a statement that it has a net worth of more than P100 million though it has yet to submit its 2006 financial statement. The deadline for the annual statement is on May 31.
Oriental Assurance is a 45-year-old company that specializes in fire insurance and other non-life insurance products.
“For the record, the net worth of Oriental Assurance is way above P100 million and to say otherwise is to discredit the reputable and very stable image of our company," executive vice Oriental Assurance president Luz Cotoco said.
“Insurance is built on trust and reckless announcements such as this unfairly cause damage to that trust. Banks, brokers and policyholders have been calling us the whole morning, checking whether what they read was true. It is very unfair for the Insurance Commission to do this to us," Cotoco said.
Aside from Generali Pilipinas and Oriental Assurance, insurance firms included in the government "black list" are: Asia United Insurance, Covenant Assurance Co., Eastern Assurance & Surety, Finman General Assurance, First Integrated Bonding & Insurance, Investors Assurance, Manila Insurance, Meridian Assurance, Monarch Insurance, Solid Guaranty, Summit Guarantee & Insurance, and Travellers Insurance & Surety.
Last year, the Insurance Commission double the minimum capitalization for both life and non-life insurance companies to P100 million from P50 million in its bid to help sustain public and investor confidence in the capital-intensive insurance industry. - GMANews.TV
