The Insurance Commission (IC) has approved the application of FGen Insurance to launch a surety bond for real estate brokers and appraisers.
In a letter to FGen Insurance President and COO Michael Rellosa, Deputy Insurance Commissioner Dorothy Calimag announced the IC’s approval of the new product which provides a P20,000 guaranty to the Professional Regulatory Commission (PRC) in the event that the real estate broker or appraiser failed to perform his duty.
The surety bond is a requirement of the PRC for the issuance of license to real estate brokers and appraisers. It is also required for those renewing their license.
FGen President Rellosa said the new product is priced at Ps 2,006.24 and can be availed of in a matter of minutes. For inquiries, call Surety department at 706-3959.