The Insurance Commission (IC) on Thursday confirmed receipt of a letter asking regulatory intervention in the case of alleged unauthorized operation by a foreign insurer in Philippine soil without the proper dispensation.
According to Insurance Commissioner Dennis B. Funa, its attention was called on the matter involving Marsh UK Philippines through a letter dated April 3, 2017.
The letter originated from the Bernas Law Offices on behalf of Prudential Guarantee and Assurance Inc (PGA), one of a number of nonlife insurance companies operating in the Philippines.
“PGA’s counsel requested the IC to conduct an investigation on the manner by which Marsh UK and Marsh Singapore conduct business in the Philippines,” Funa said.
Funa said the PGA request for the conduct of a probe on Marsh UK’s supposed illegal operations in the country is contained in its reply to the comment of Marsh Singapore.
“PGA’s request for a conduct of an evidentiary hearing to determine whether Marsh UK, Marsh Singapore and Marsh and Mclennan companies are indeed
doing business in the Philippines was made through a letter dated August 31, 2017, which is the reply of PGA to the comments of Marsh UK,” he said.
According to the IC, a request for an evidential hearing includes the determination of whether the license of Marsh Philippines to act as a resident agent of Marsh UK should be revoked for allegedly conspiring in the alleged illegal acts with Marsh UK.
Funa said the matter would be threshed out in an appropriate proceeding following particular rules of procedure on administrative cases before the IC under Insurance Memorandum Circular 1-93.
“As of the moment, the commission cannot comment on the allegations of PGA against Marsh UK until and unless we have received and evaluated the evidence of both parties in support of their respective allegations. To do otherwise would constitute a prejudgment on the issues,” he said.
The IC, in the exercise of its administrative powers, can hear as well as decide cases for violation of the Amended Insurance Code and impose appropriate penalties, if warranted.