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                    [ArticleID] => 182724
                    [Title] => IC orders liquidation of 7 insurers; 3 more lined up
                    [Summary] => Seven non-life insurance companies has been ordered for liquidation while three more have been placed under receivership by the Insurance Commission (IC) for capital inadequacy and margin of solvency deficiency.


All nine firms were issued a cease and desist order (CDO) barring them from continuing business such as issuance of bonds, sale of non-life insurance products like fire insurance, motor or vehicle insurance.


                    [DatePublished] => 2002-11-05 00:00:00
                    [ColumnID] => 133272
                    [Focus] => 0
                    [AuthorID] => 1097672
                    [AuthorName] =>  Ted P. Torres
                    [SectionName] => Banking
                    [SectionUrl] => banking
                    [URL] => 
                )

            [1] => Array
                (
                    [ArticleID] => 182188
                    [Title] => IC issues CDO against four insurance companies
                    [Summary] => The Insurance Commission (IC) has issued a cease and desist order (CDO) barring four non-life insurance companies from continued operations until they have met the minimum paid-up capital requirement imposed by the Department of Finance (DOF) last July.


Likewise, two non-life insurers stopped operations up to the end of 2003.


                    [DatePublished] => 2002-11-01 00:00:00
                    [ColumnID] => 133272
                    [Focus] => 0
                    [AuthorID] => 1097672
                    [AuthorName] =>  Ted P. Torres
                    [SectionName] => Business
                    [SectionUrl] => business
                    [URL] => 
                )

            [2] => Array
                (
                    [ArticleID] => 170164
                    [Title] => SC, IC join forces vs delinquent insurers
                    [Summary] => The Supreme Court and the Insurance Commission (IC) has joined forces in clamping down on delinquent non-life insurance companies issuing judicial bonds.


Judicial bonds are basically bail bonds issued for the temporary release of an accused. An insurance company will issue the bail bonds and thus guarantees that the accused would appear when summoned by the court.


The insurer, otherwise known in this case as the surety firm, assumes the risk of underwriting bonds for a premium. In the event that the accused fails to appear, the courts confiscate the bonds.


                    [DatePublished] => 2002-07-30 00:00:00
                    [ColumnID] => 133272
                    [Focus] => 0
                    [AuthorID] => 
                    [AuthorName] => 
                    [SectionName] => Banking
                    [SectionUrl] => banking
                    [URL] => 
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)

FIRST QUEZON CITY INSURANCE CO

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                    [ArticleID] => 182724
                    [Title] => IC orders liquidation of 7 insurers; 3 more lined up
                    [Summary] => Seven non-life insurance companies has been ordered for liquidation while three more have been placed under receivership by the Insurance Commission (IC) for capital inadequacy and margin of solvency deficiency.


All nine firms were issued a cease and desist order (CDO) barring them from continuing business such as issuance of bonds, sale of non-life insurance products like fire insurance, motor or vehicle insurance.


                    [DatePublished] => 2002-11-05 00:00:00
                    [ColumnID] => 133272
                    [Focus] => 0
                    [AuthorID] => 1097672
                    [AuthorName] =>  Ted P. Torres
                    [SectionName] => Banking
                    [SectionUrl] => banking
                    [URL] => 
                )

            [1] => Array
                (
                    [ArticleID] => 182188
                    [Title] => IC issues CDO against four insurance companies
                    [Summary] => The Insurance Commission (IC) has issued a cease and desist order (CDO) barring four non-life insurance companies from continued operations until they have met the minimum paid-up capital requirement imposed by the Department of Finance (DOF) last July.


Likewise, two non-life insurers stopped operations up to the end of 2003.


                    [DatePublished] => 2002-11-01 00:00:00
                    [ColumnID] => 133272
                    [Focus] => 0
                    [AuthorID] => 1097672
                    [AuthorName] =>  Ted P. Torres
                    [SectionName] => Business
                    [SectionUrl] => business
                    [URL] => 
                )

            [2] => Array
                (
                    [ArticleID] => 170164
                    [Title] => SC, IC join forces vs delinquent insurers
                    [Summary] => The Supreme Court and the Insurance Commission (IC) has joined forces in clamping down on delinquent non-life insurance companies issuing judicial bonds.


Judicial bonds are basically bail bonds issued for the temporary release of an accused. An insurance company will issue the bail bonds and thus guarantees that the accused would appear when summoned by the court.


The insurer, otherwise known in this case as the surety firm, assumes the risk of underwriting bonds for a premium. In the event that the accused fails to appear, the courts confiscate the bonds.


                    [DatePublished] => 2002-07-30 00:00:00
                    [ColumnID] => 133272
                    [Focus] => 0
                    [AuthorID] => 
                    [AuthorName] => 
                    [SectionName] => Banking
                    [SectionUrl] => banking
                    [URL] => 
                )

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)

abtest

IC orders liquidation of 7 insurers; 3 more lined up

By Ted P. Torres | November 5, 2002 - 12:00am

Seven non-life insurance companies has been ordered for liquidation while three more have been placed under receivership by the Insurance Commission (IC) for capital inadequacy and margin of solvency deficiency. All...

Banking

IC issues CDO against four insurance companies

By Ted P. Torres | November 1, 2002 - 12:00am

The Insurance Commission (IC) has issued a cease and desist order (CDO) barring four non-life insurance companies from continued operations until they have met the minimum paid-up capital requirement imposed by the...

Business

SC, IC join forces vs delinquent insurers

July 30, 2002 - 12:00am

The Supreme Court and the Insurance Commission (IC) has joined forces in clamping down on delinquent non-life insurance companies issuing judicial bonds. Judicial bonds are basically bail bonds issued for the temporary...

Banking