PIRA has been opposing the Department of Finance Order 27-2006 which requires all insurance companies, regardless of size, to raise their paid-up capital to P1 billion by 2016.
PIRA's stand on this issue is simple: The capitalization requirement must be done through Risk Based Capitalization framework not on a one-size-fits-all order. The higher the risk, the higher the capital that must be required. It will all depend on each company's risk appetite.
But the Department of Finance has remained adamant. Hence, the industry was forced to file a legal case to stop the controversial order.
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