Philippine insurer’s conservatorship lifted

The Philippines’ Insurance Commission (IC) has lifted its order that placed Metropolitan Insurance Co. under conservatorship, after an infusion of capital from a Hong Kong-based firm. Streetcorner E-Commerce Ltd invested in the troubled general insurer, allowing Metropolitan to meet the PHP550 million (US$10.7 million) net worth requirement imposed by the IC, the Philippine Star reported. The investment has kick-started the insurer’s rehabilitation. Furthermore, the IC ordered Streetcorner to invest more capital into Metropolitan, in order to meet the next round of increase in capital requirements that will come into effect on December 31. After that date, insurers must have a minimum capital of US$19 million in order to continue operating.