The Insurance Commission (IC) recently issued a certification for Fortune General Insurance Corporation (FGen Insurance) that it is compliant to the P550 million net worth requirement as set forth in the new Insurance Code.
The certification was issued on December 11, 2017 and was signed by Insurance Commissioner Dennis B. Funa. It noted that FGen Insurance already has a net worth of over P555 million, a paid-up capital of more than P310 million, and a Risk Based Capitalization (RBC) ratio of 290.42 percent.
According to the IC, FGen Insurance has complied with all its requirements for paid-up capital, net worth and RBC ratio, the metrics it uses to show the company's capacity to pay insurance claims.
The Commission also made it clear that the certification is for accreditation purposes of other financial institutions.
FGen Insurance is one of the oldest and most stable non-life insurance companies in the Philippines. It has been providing insurance protection for international and local corporations and even to small and medium enterprises. Its portfolio is heavy on business insurance, fire insurance, and motor car insurance.
FGen Insurance President Michael Rellosa said the company is committed to provide the best products and services to the insuring public.
"FGen is known as the company you can fully trust. We are easy to deal with and we make sure to be there for our clients every step of the way. Madali kami kausap," he said.