EMPIRE INSURANCE Co. has officially ceased doing business as the Insurance Commission (IC) has completed liquidation proceedings for the nonlife company.
The IC on Aug. 20 sent Empire Insurance a letter on the closure and termination of its liquidation proceedings, it said on a notice on its website.
“Accordingly, the company’s insurance business is hereby officially closed and thereafter, allowed to withdraw its mandated security deposit considering that a contingency fund has been set aside for the settlement of the company’s remaining outstanding claims liabilities,” the regulator said.
“The company will continue addressing its corporate liabilities under a new name and purpose. The said new name shall be published in a newspaper of general circulation and posted on the website of the Insurance Commission upon the approval by the Securities and Exchange Commission of the company’s amended Articles of Incorporation,” it added.
The IC placed Empire Insurance under liquidation on Sept. 20, 2022 after being issued a cease-and-desist order on Oct. 16, 2020.
According to IC data, Empire Insurance’s paid-up capital was at P450 million in 2020, below the P900-million minimum requirement that took effect in December 2019.
The nonlife insurance industry’s net premiums written grew by 20.48% year on year to P39.63 billion as of end-June. — Aaron Michael C.
