"It is important to make sure insurers have enough capital to honor claims. Smaller insurance firms in the Philippines face criticism for failing to meet capital requirements . Seven have already opted to close down instead of meet the PHP550 m ( $ 100 m ) minimum capital requirement , a source from the country 's Insurance Commission said . The companies ' 170,000 members are still entitled to their claims , but the seven firms are barred from offering new policies . Another six insurers are also facing closure , the source added .
Smaller insurance firms in the Philippines face criticism for failing to meet capital requirements . Seven have already opted to close down instead of meet the PHP550 m ( $ 100 m ) minimum capital requirement , a source from the country 's Insurance Commission said . The companies ' 170,000 members are still entitled to their claims , but the seven firms are barred from offering new policies . Another six insurers are also facing closure , the source added .