July 20, 2020
Dear Winona Fajardo,
Greetings!
Thank you for your request dated May 27, 2020 02:33:23 PM under Executive Order No. 2 (s. 2016) on Freedom of Information in the Executive Branch.
Please note that the Presidential Communications Office (PCOO) suspended the period to resolve FOI requests due to COVID-19, specifically those new requests made from 13 March 2020 and all those that remained pending until the imposition of Enhanced Community Quarantine (ECQ), until such time that ECQ is lifted and work in the Executive branch of government attained normalcy. With PCOO FOI Advisory No. 04, s. 2020, processing requests resumed on 01 June 2020 or when GCQ became effective.
You asked for Information on Penalties Imposed by IC on non-compliant insurance companies, specifically with the following inquiries:
1. Whether there has been any penalty imposed on Generali Life Assurance Philippines, Inc., Philippine Life Financial Assurance Corporation, and Caritas Life Insurance Corporation by any regulator like the Insurance Commission (IC);
2. Whether, for the insurance companies mentioned in Item No. 1, they have committed any non-compliant misconduct which entailed the imposition of any sanctions by the IC; and,
3. Whether there is available information on the following:
3.1 Shareholding information and director information of the enumerated companies; and,
3.2 Complexity and potential legal risk of the acquisition of each of the companies.
Considering your request, may we inform you that based on the records of the Regulation, Enforcement and Prosecution Division of the Insurance Commission, there have been no penalties imposed on the said companies. The office has no record of any instance of non-compliant misconduct against the companies. For other corporation information mentioned in your request, may we refer you to the websites wherein their respective disclosures are allowed to be downloaded and used for public consumption:
Generali Life Assurance Philippines, Inc.:
- ASEAN Corporate Governance Scorecard page: https://www.generali.com.ph/asean-corporate-governance-scorecard/
- Minutes of Annual Meeting of the Stockholders, page: https://www.generali.com.ph/wp-content/uploads/2019/07/Annual-Shareholders-Meeting-dated-19-March-2018.pdf
- Articles of Incorporation page: https://www.generali.com.ph/wp-content/uploads/2019/07/GLAPI-Articles-of-Incorporation.pdf
Philippine Life Financial Assurance Corporation:
- ASEAN Corporate Governance Scorecard page: https://phillife.com.ph/about-us/corporate-governance
- General Information Sheet page: https://api.phillife.com.ph/storage/media/pdf/corporategovernance/c51ce410c124a10e0db5e4b97fc2af39/file/757b505cfd34c64c85ca5b5690ee5293/2018-General-Information-Sheet-%28GIS%29-min_compressed.pdf
- Minutes of Annual Meeting of the Stockholders, page: https://api.phillife.com.ph/storage/media/pdf/corporategovernance/37693cfc748049e45d87b8c7d8b9aacd/file/eb163727917cbba1eea208541a643e74/Minutes-of-the-Annual-Stockholders-Meeting-%28ASM%29-10162018.pdf
- Articles of Incorporation page: https://api.phillife.com.ph/storage/media/pdf/corporategovernance/9bf31c7ff062936a96d3c8bd1f8f2ff3/file/e2c0be24560d78c5e599c2a9c9d0bbd2/Amended-Articles-of-Incorporation-%28AOI%29.pdf
Caritas Life Insurance Corporation:
- Corporate Governance Scorecard page: https://www.caritaslife.com.ph/corporate
- Articles of Incorporation page: https://www.caritaslife.com.ph/corporate/getFile/Amended%20Articles%20of%20Incorporation.pdf
- Company’s General Information Sheet: https://www.caritaslife.com.ph/corporate/getFile/GIS%202019.pdf
If you are unhappy with this response to your FOI request, you may ask us to carry out an internal review of the response by writing to Ms. Revelyn R. Mojica, IC Division Manager of the IC Administrative Division thru email address
[email protected]. Your review request should explain why you are dissatisfied with this response, and should be made within 15 calendar days from the date when you received this letter. We will complete the review and tell you the result within 30 calendar days from the date when we receive your review request.
If you are not satisfied with the result of the review, you then have the right to appeal to the Office of the President under Administrative Order No. 22 (s. 2011).
Thank you.
Respectfully,
Tranquilino Espejon
FOI Receiving Officer
