Insurance companies should merge if they cannot comply with mandatory net worth requirements, Finance Secretary Carlos Dominguez 3rd said, noting the need for a stronger and more competitive domestic industry.
From a P550-million requirement — up from P250 million previously — that took effect at the end of 2016, insurers will have to increase their net worth to P900 million at the end of next year and P1.3 billion by 2022 under the amended Insurance Code.
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