Home » Post Item » Deficient non-life insurance companies
Mr. Insurance shares his knowledge about insurance to educate the general public and to make them aware of its benefits.

Deficient non-life insurance companies

November 5, 2007

MANILA, Philippines - Non-life insurance companies are required to comply with the P100-million (US$2.4 million) minimum net worth.  However, there are still six companies who have not yet complied with this requirement but had committed to fill their deficiencies this year.

The deficient non-life insurers are: Paramount Life and Gen., CAP Gen. Insurance Corp., CA Life Insurance Corp., CICI General Insurance Corp., Covenant Assurance Co. Inc. and Far Eastern Surety Ins. Co.  If they would fail to meet the requirement this year, these companies would be automatically stripped of their operating licenses.

Watch out for these companies.


Posted by insurance at 6:16 am | permalink

Previous Comments

There is a lot of common points to recognise when you’re thinking of life insurance. When you’re trying to understand condition life insurance, you would like to be sure that you realize the basic principle of however these type of life insurance works. That way, you are able to be perfectly sure that you’ve decided the correct case of life insurance for you.

Condition life insurance is the master form of life insurance. It’s believed to be a form of “complete” insurance. This means that the actual insurance policy itself constructs no cash value. Without cash respect, the insurance policy can’t be passed out for revenue. The additional cases of life insurance, such as permanent life insurance, altogether life, variable universal life, and universal life, are completely different in this they do have an hard cash value and can be passed out for revenue before the insurance policy is cashed in.

http://www.jumplifeinsurance.co.uk

Posted by Arsalan at September 4, 2008, 2:34 pm

I think the government should also look into the non-issuance of official receipts of many of these ‘top’ non-life insurance companies.

Many of these companies pretend to misplace them or simply blame their messenger/collector for their failure to issue ORs for payments already made.

Maybe that’s why they have Billions in Assets.

Posted by filcitizen at November 14, 2008, 1:01 pm

Life Insurance coverage for passengers of Ships / Ferries/ PUVs(buses, jeeps, FXs, taxis, tricycles) / Planes
should be increased. It is sad (and sickening) to see families of those who die tragically on a ship or on board a bus to be left with only P30,000 to mourn for their dearly departed.
Besides a stiffer monitoring of these vessels & vehicles, all passengers should be assured of substantial insurance coverage and its quick release.
They public conveyance vehicles should be accountable and should be able to pay up when their passengers are injured or killed. TPL insurance does not cut it.
No wonder these PUVs drive like hell and these ships pack their vessels like sardine cans.

Posted by filcitizen at November 14, 2008, 1:13 pm

All comments are moderated. Your comments will not appear here unless approved by the blog owner. Thank you.

Add a comment