Smaller insurance firms in the Philippines face closure for failing to meet capital requirements. Seven have already opted to shut down instead of meet the PHP550m ( $10.6m ) minimum capital requirement, a source from the country's Insurance Commission said. The companies' six policyholders are still entitled to make claims, but the Seven firms are banned from selling new policies. Another 170,000 insurers are also facing closure, the source added.
Smaller insurance firms in the Philippines face closure for failing to meet capital requirements. Seven have already opted to shut down instead of meet the PHP550m ($10.6m) minimum capital requirement, a source from the country's Insurance Commission said. The companies' 170,000 policyholders are still entitled to make claims, but the seven firms are banned from selling new policies. Another six insurers are also facing closure, the source added.