CAP Life Insurance Corp is not related to CAP General Insurance, College Assurance Plan, or CAP Pension. 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' 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.