IC warns vs HK-based insurance firm

MANILA, Philippines - The Insurance Commission (IC) is warning the public of the illegal activities of One Finanz Ltd., which has been reportedly selling insurance policies. “It is not been issued a license either as an insurance broker or as an insurance agent by the lnsurance Commission,” IC Commissioner Emmanuel Door said in a circular. This advisory is issued upon a report that One Finanz Ltd., a company with an office address at 5302, 53rd Floor, Central Plaza,18 Harbour Road, Wanchai, Hong Kong, is engaged in the business of insurance broking in the Philippines without the necessary license from the IC. One Finanz is allegedly representing the following foreign insurance and/or investment companies in the Philippines. These are: Zurich Assurance Ltd.; Zurich lnternational Life Ltd.; Credit Suisse Trust Ltd.; AXA Wealth Management (Hongkong) Ltd.; Royal London 360 lnsurance Co. Ltd.; Friends Provident lnternational Ltd.; Sunlife Hongkong Ltd.; lnternational Mutual Group (Health lnsurance Only) L AVIVA lnsurance Co. Ltd. “The foregoing foreign companies are not licensed as insurance companies in the Philippines. The public is hereby warned not to transact insurance business with One Finanz Ltd., its officers, employees and agents,” Dooc said.