AFPGen surrenders insurance license

THE non-life insurance firm Armed Forces and Police General Insurance Corp. (AFPGen) has voluntarily surrendered its license as the company could no longer raise the net worth required by the Insurance Commission (IC) by the end of the year, the commission announced on Tuesday.

“While the company’s net worth as of end 2018 is compliant with the existing P550- million net worth requirement, the company said that it is no longer viable to maintain its insurance business considering that its financial health continuously eroded in the last six years,” Insurance Commissioner Dennis Funa said in a statement.