Insurance Commission

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    Date: 2019-02-27 22:34:28.942354

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    Date: 2019-02-28 11:19:02.506184

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    Date: 2019-03-18 10:58:40.394772

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Review of the Capitalization Requirements Imposed on the Insurance Players

Requested from IC by G. Aristas at 10:34 PM on Feb 27, 2019.
Purpose: Research
Date of Coverage: 12/31/2012 - 12/31/2018
Tracking no: #IC-638969965839

Aristas 10:34 PM, Feb 27, 2019 

Insurance Commissioner Dennis B. Funa said in an interview last year that the Insurance Commission directed a team to study the capitalization requirements across ASEAN upon the request of the nonlife insurance players. He said the IC would revisit the net worth requirements of local insurance firms after a study it conducted on the capitalization system in the Southeast Asian region. Hence, I would like to request for information regarding: (questions can be found on the attached file)

Ignacio 11:19 AM, Feb 28, 2019 

February 28, 2019

Dear Golda Lovina,

Thank you for your request dated Feb 27, 2019 under Executive Order No. 2 (s. 2016) on Freedom of Information in the Executive Branch, for Review of the Capitalization Requirements Imposed on the Insurance Players.

We received your request on Feb 27, 2019 and will respond on or before Mar 20, 2019 10:34:28 PM, in accordance with the Executive Order's implementing rules and regulations.

Should you have any questions regarding your request, kindly contact me using the reply function on the eFOI portal at https://www.foi.gov.ph/requests/aglzfmVmb2ktcGhyHAsSB0NvbnRlbnQiD0lDLTYzODk2OTk2NTgzOQw, for request with ticket number #IC-638969965839.

Thank you.

Respectfully,

Edmar Ignacio
FOI Officer

Villaruel 10:58 AM, Mar 18, 2019 

March 18, 2019

Dear Golda Lovina Aristas,

Greetings!

Thank you for your request dated Feb 27, 2019 10:34:28 PM under Executive Order No. 2 (s. 2016) on Freedom of Information in the Executive Branch.

Your Request

You asked for Review of the Capitalization Requirements Imposed on the Insurance Players.

Response to Request

Your FOI request is approved. I enclose a copy of the information you requested.

Your right to request a review

If you are unhappy with this response to your FOI request, you may ask us to carry out an internal review of the response by sending an e-mail to <afp.villaruel@insurance,gov.ph>. Your review request should explain why you are dissatisfied with this response, and should be made within 15 calendar days from the date when you received this letter. We will complete the review and tell you the result within 30 calendar days from the date when we receive your review request.

If you are not satisfied with the result of the review, you then have the right to appeal to the Office of the President under Administrative Order No. 22 (s. 2011).

Thank you.

Respectfully,

Atty. Alwyn Franz Villaruel
FOI Receiving Officer

Attachments:
 FOI Request 638969965839.pdf
 Capital and Solvency Requirements_Research.pdf

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