The Insurance Commission (IC) has once again granted Fortune General Insurance Corp. (FGen Insurance) an omnibus certificate that serves as a clean bill of health for insurance companies.
Deputy Insurance Commissioner Dorothy Calimag issued the certificate noting that as of February 21, 2017, FGen Insurance has met all the requirements of the Insurance Commission. The certificate is in addition to the Certificate of Authority that the IC issues as proof that a company is allowed to do business.
Particularly cited in the omnibus certificate were FGen’s P250 million paid-up capital and P428.5 million net worth as stated in the company’s 2015 annual financial statement.
The certificate also noted FGen’s minimum risk-based capitalization (RBC) ratio of 100 percent.
The RBC ratio is a measure of the amount of capital a company should have based on the assessed risks that it handles.
FGen President Michael Rellosa thanked the IC for its seal of approval and expressed optimism and excitement at the company’s meeting the P550 million net worth requirement for the current year as reflected in the interim statistics published by the IC, for 2016.
“We are, likewise, ‘gung ho’ about our plans for 2017, such as rolling out new products and new ways of serving our clients very soon. FGen is expanding to truly live up to our goal of being the insurer of choice of the new generation,” he said.
Rellosa added that FGen’s strength is more on retail, and most of their customers are entrepreneurs who own small- and medium-sized enterprises (SMEs).
“We look after our clients like family members,” he said.