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Conservatorship on insurer lifted

The additional capital from a Hongkong-based company that was invested in the Metropolitan Insurance Co. prompted the Insurance Commission (IC) to lift its conservatorship order against the local insurance company.

Based on the website of the agency, Insurance Commissioner Dennis Funa lifted the conservatorship order issued against the insurance company and allowed the renewal of its certificate of authority, which was revoked earlier.

Funa made the order after Streetcorner E-Commerce Ltd., a financial technology company invested, in the local insurance company, allowing the latter to comply with the P550 million net worth requirements for insurance companies that are undergoing rehabilitation.

The company was among those whose operations were shut down in March for failing to meet the minimum net worth requirement.

In closing down the operations of the companies, Funa said these were not operating on net losses, but “were short of the minimum amount required under the Insurance Code.”

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