By Benjamin Cuaresma
MANILA — Two insurance firms have been ordered to stop operations after the Insurance Commission (IC) uncovered alleged unauthorized insurance activities and violations of regulatory rules.
In a statement released Tuesday, the IC announced that Vigattin Insurance and Antz Insurance Agency & Services were directed to cease operations following an investigation into their business practices.
According to the commission, Antz Insurance held valid licenses for only four insurance companies but allegedly acted as an agent for several other firms without the required authorization.
Investigators also found that Vigattin Insurance was never officially registered as an insurance agent despite actively engaging in insurance-related operations.
The IC further dismissed claims that Vigattin Insurance was merely a trademark linked to Antz Insurance, saying the company appeared to operate separately and independently.
As part of the sanctions, the licenses of Antz Insurance were suspended while Vigattin Insurance was ordered to shut down its website.
Both firms were also directed to pay penalties and return commissions and compensation earned from their unauthorized activities.
The Insurance Commission emphasized that insurance companies are entrusted with protecting the assets and livelihoods of policyholders, making strict compliance with regulations essential to safeguard consumers.
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