MANILA, Philippines—The Insurance Commission (IC) said FLT Prime Insurance Corp. has officially folded up, one of the casualties of the mandatory increase in capitalization of Philippine insurers.
In a May 11 notice to the public, Insurance Commissioner Dennis Funa said FLT Prime’s insurance business was officially withdrawn through a separate directive he issued on the same date. The company’s mandated security deposit net of aggregate outstanding liabilities amounting to P23.9 million was also withdrawn.
But Funa said FLT Prime cannot reimburse the security deposit for its servicing license unless it can show the IC that it already fully settled its liabilities to all creditors…
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