Regulators have completed preliminary proceedings regarding a local insurer’s complaint against a United Kingdom-based reinsurer, with a hearing on the presentation of evidence expected to be held in June this year. Marsh UK and its local unit have been accused of breaking Philippine laws by local insurer Prudential Guarantee and Assurance Inc. (PGA). “We gave PGA 10 days to file their comment.”The commission also set a tentative June 14 meeting for the presentation of witnesses and evidence by both parties. Cebu Air, the operator of low cost airline Cebu Pacific, ultimately decided not to renew its contract with Prudential Guarantee. “With the developments that we have, lets see if we could finish all of this within the previously set timeline of one year,” Sibuyan said.

Source: Manila Times March 21, 2018 17:03 UTC