CGIC Meets P550-M Capital Requirement

CITY OF SAN FERNANDO- Corporate Guarantee and Insurance Corporation (CGIC) has complied last December 31 with the minimum capital requirement of P550 million as required by the Insurance Commission (IC). Levy P. Laus, CGIC chairman and founder, said the continuing viability, growth and positive performance of the company have enabled it to be among the better performing non-life insurance firms in the country today. “We owe this exceptional achievement to our valued customers for their unwavering trust and confidence in us, to our dedicated and professional men and women and to the constant guidance of the Insurance Commission,” he said. Founded in 1997, CGIC belongs to the top non-life insurance companies in the Philippines. It is the only one in Luzon with headquarters outside Metro Manila and also one of only six non-life insurance companies in the country that are ISO-certified. CGIC is the only non-life insurance company in South East Asia awarded with the People Management Excellence Standard Recognition and Certification by Investment in People (Iip). According to the IC, only 13 non-life businesses have so far complied with the P550 million minimum capital. The IC revealed that four non-life firms face closure while eight others may merge in light of the stringent implementation of the minimum capital requirement. Under the amended Insurance Code of the Philippines, existing insurers must have a net worth of P550 million by December 2016, increase to P900 million in 2019 and to P1.3 billion by 2022. CGIC is a member of the Laus Group, considered to be the biggest multi-brand dealership network in the country today. NCS

18 Jan 2017
Sun Star Pampanga