Insular Life (InLife) hiked its capital requirement to P1.5 billion ahead of the end-2022 deadline of the Insurance Commission (IC). The total amount is more than the P1.3 billion minimum available total members’ equity requirement of the IC by Dec. 31, 2022. Under the amended Insurance Code, existing insurance companies are required to have a minimum capital of P900 million this year. With this, he emphasized a recent move by regulators to allow insurance companies to sell their products online. The AUS has allowed InLife to quickly render underwriting decisions to life insurance applications in less than 30 minutes.

Source: Manila Times November 25, 2020 17:15 UTC