Dear All,
On April 10, 2018, the Insurance Commission (IC) released Guidelines on Companies (All Insurance Companies) that Fail to Comply with the Net Worth Requirement of Section 194 through Circular Letter 2018-25.
A domestic insurance company shall have a net worth by June 30, 2013 of Two Hundred Fifty Million Pesos
(P250,000,000). Furthermore, said company must have by December 31, 2016 an additional Three Hundred Million Pesos (P300,000,000) in net worth; and by December 31, 2022, an additional Four Hundred Million Pesos (P400,000,000) in net worth.
The minimum paid-up capital and net worth requirement must remain unimpaired for the continuance of license.
Please see attached PDF copy of IC CL 2018-25 for client’s information and for your further reading.