Insular Life increases capital requirement ahead of IC’s deadline
Insular Life (InLife), the first and largest Filipino and only mutual life insurance company in the country complied with the Insurance Commission’s minimum requirement for Total Member’s Equity ahead of schedule.
The InLife Board approved to increase its Total Member’s Equity by P600 million to make a total of P1.5 billion. This will be reflected in the November 30, 2020 month end report to the Insurance Commission. The P1.5 billion is more than the P1.3 billion Minimum Available Total Members’ Equity requirement of the Insurance Commission by December 31, 2022.
“The Board approved the increase in the Company’s Total Members Equity by P600 Million from the present P900 Million to P1.5 Billion, in full compliance with IC Circular Letter No. 2019-67 as amended, “says InLife Executive Chairman Nina D. Aguas.
The IC Circular 2019-67 mandates all life insurance companies to have a minimum available net worth or members’ equity of P900 million by December 31, 2019, and P1.3 billion as of December 31, 2022.
“The foregoing action signifies InLife’s commitment to support the Insurance Commission’s thrust to strengthen the insurance industry. Amidst the pandemic and as we turn 110 years of uninterrupted service this November, we want to assure our policyholders and the public that Insular Life remains to be their strong and dependable partner in planning their financial security, ” said InLife Executive Chairman Nina D. Aguas.
