3 years lead time for capital hike urged

A respected economist says insurance companies need at least three years as a “reasonable transition time” to meet the P175 million minimum paid-up capitalization of the Department of Finance (DOF). In a paper issued recently, former Budget Secretary Benjamin Diokno said 60 of out 86 firms – or 7 out of 10 insurance companies – have capitalization of less than P175 million and he said these companies will be put under stress as the paid-up capitalization requirement is raised to P175 million by the end of this month. “A transition period of three years (from 2012 to 2015) appears reasonable to...


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Solons to probe capital hike order for insurance companies

The House Committee on Banks and Financial Intermediaries is set to conduct a probe on a controversial order of the Department of Finance (DoF) that could lead to the closure of dozens of Filipino-owned companies and loss of thousands of jobs in the insurance industry. House Resolution number 2299 filed by party-list representatives Teddy Casiño (Bayan Muna), Raymond Palatino (Kabataan), and Antonio Tinio (ACT Teachers) say that Congress should look into the concerns being brought forth by insurance companies over Department of Finance Order 27-2006 which raises their capital requirement to levels beyond what the industry is capable of. According to the...


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What's New on PIRA

Written on 26 June 2013, 15.04 by admin

pira-joins-hands-with-ic-up-and-phivolcs-for-disaster-research The Philippine Insurers and Reinsurers Association (PIRA) is collaborating with three government institutions for disaster research in order to establish a catastrophe (CAT) model for the country. In a historic gathering, PIRA officials led by Chairman Emmanuel Que signed a memorandum of ...
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Latest News

Written on 26 June 2013, 15.04 by admin

pira-joins-hands-with-ic-up-and-phivolcs-for-disaster-research The Philippine Insurers and Reinsurers Association (PIRA) is collaborating with three government institutions for disaster research in order to establish a catastrophe (CAT) model for the country. In a historic gathering, PIRA officials led by Chairman Emmanuel Que signed a memorandum of ...
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Chairman's Note

Written on 06 June 2013, 15.00 by admin

exciting-time-for-philippine-insurance When the Philippine Senate approved in February the amendments to the 38-year-old Insurance Code, it was ushering in a new milestone in Philippine insurance. Considered as the Bible of our industry, the Insurance Code provides us with...
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Welcome to Philippine Insurers and Reinsurers Association (PIRA) Official Website

Notice of Public Consultation

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Alternative Dispute Resolution for Microinsurance (ADReM) Seminar March 27, 2014

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Manual filing, payment of stamp tax

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TAXPAYERS must file and pay their documentary stamp tax returns and get their stamps manually while the Bureau of Internal Revenue’s (BIR) electronic DST (eDST) system is temporarily unavailable due to “technical problems.”  continue reading

The Insurance Code As Amended

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Republic Act No. 10607

2013 PIRA Award Videos

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Distinguished Service Award - Mr. Y.H. Uy
Distinguished Service Award - Mr. Phillip Rico
Lifetime Achievement Award - Former Insurance Commissioner Gregoria T. Cruz Arnaldo

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