Defunct insurer to be liquidated

Company’s policyholders given until September of this year to lodge claims before company is dissolved

Defunct insurer to be liquidated

Insurance News

By Gabriel Olano

The Philippines’ insurance regulator has given the go ahead to the liquidation of Philippine Phoenix Surety and Insurance Inc.
A notice issued by Insurance Commission (IC) chief Dennis Funa said that the company is now due for liquidation after it was earlier placed under conservatorship and receivership.
According to the notice, parties that have claims against the insurer must lodge their claims under oath before September 22, 2017, together with all supporting documents. Any claims filed after the said date will not be honoured and will be barred from disposition, partition, distribution, or settlement in the liquidation proceedings against the company.

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Last month, the IC also ordered the liquidation of CAP General Insurance Corp., part of the troubled CAP Group of Companies. Another insurer, Great Domestic Insurance Co., was placed under liquidation in May 2016, with the deadline for claims set on June 06, 2017.

Government data shows that as of November 2016, 44 insurance companies in the country have been placed under conservatorship, receivership, or liquidation. This number may see a marked increase in the future, due to some companies not being able to meet the increased capitalization requirements mandated by the Amended Insurance Code.

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