The Philippine Court of Appeals has upheld the decision of a lower court to stop the government from implementing an order that requires insurance companies to increase their paid-up capital to PHP1 billion (US$22.2 million) by 2020.
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Michael F. Rellosa
This may be moot and academic, as the suit pertains to a department order that has now been superseded by the revised Insurance code which has been passed into law and which includes a capital build up program now based on the net worth of companies.
10 June 2015
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