Insurance Commissioner Emmanuel Dooc issued a certification to MAA General Assurance Philippines, Inc. confirming that the company has raised its minimum paid-up capital to Php 250,000,000.00 last June 1, 2011 in Manila, ahead of the December 2011 deadline.
In a short letter addressing valued partners, Martin Dela Rosa, Vice President for Marketing assures, “The management of MAA General Assurance Philippines, Inc. emphasizes its commitment to be compliant with the requirements defined by regulatory bodies and at the same manner provide the quality insurance and secure service to its clientele.”
The company views industry requirements with positive outlook and sees them as a challenge to maintain a stable and secure business presence in the market.
The Department of Finance, through Department Order 27-06, requires general insurance companies to raise their paid-up capital requirements to P250 million by December 2011. The Department of Finance and the Insurance Commission are increasing the capital requirements of the industry in preparation for the implementation of Asean Free Trade Agreement in 2015.
MAA General Assurance Philippines, Inc. provides innovative non-life insurance solutions, such as MAA Auto Assist, MAA Personal Accident and Health Plans, and MAA Property Insurance, through several offices nationwide. The company also has fire, engineering, casualty, aviation, marine and hull insurance and surety. MAA General Assurance Philippines, Inc. is a member of the Melewar Group of Companies of Malaysia.