PAMI gets back license

MANILA, Philippines - The Insurance Commission (IC) has reinstated the license of Passenger Accident Management and Insurance Agency, Inc. (PAMI) allowing them to carry on as general agent to issue insurance coverage for the enhanced comprehensive third party liability insurance (ECTPL) and certificates of cover (COCs) for the passenger personal accident insurance program (PPAIP). Insurance Commissioner Emmanuel Dooc lifted the cancellation order on the license of PAMI with UCPB Gen as principal insurer “considering the issuance of the above certifications and the approval of the allowance “marketing expenses.” Dooc acted upon the letter dated May 20 and 27 by PAMI requesting reconsideration of its decision and submitted proof of payments for taxes on the alleged undeclared profit commissions. Moreover, PAMI was able to explain and give details on its supposed unauthorized expenses which came from premiums received from the PPAI program. It will be recalled that the IC, in the course of its audit functions of all insurance companies and agencies in the country, have noted alleged unexplained expenses in the financial records of PAMI on the matter of the PPAIP and ECTPL.Dooc said the submission of the certifications dated April 29, 2011 and May 26, this year which were signed by the representatives of UCPB General and other insurance companies after issuance of letter dated April 28 “has prompted us to reconsider our decision.”