TRISCO, Ready to Infuse Capital
TRISCO, READY TO INFUSE FRESH CAPITAL IN COMPLIANCE WITH I.C. -PROPOSED INCREASED IN THE PAID- UP CAPITALIZATION OF INSURANCE COMPANIES
Amidst reports of impending approval and issuance of a Department Order directing the increase of the minimum paid-up capital of local insurance companies, the stockholders of the Travellers Insurance & Surety Corporation (TRISCO) are ready with a fresh capital for infusion into the company if and when the said Department Order will be eventually approved and implemented. This was confirmed by Atty. Alejandro V. Malong, TRISCO's President, after discussing the matter with the Board of Directors and major stockholders of the company.
TRISCO has a paid - up capital of P50 Million and a network of P105 Million as of December 2004. The Insurance Commission proposes the increase in the minimum capitalization of non-life insurance companies from the present P50 Million to P150 Million by the end of 2005 and to P300 Million by the end of 2006. While most non-life insurance companies expressed their reservation as to their ability to comply with proposed Order, TRISCO management is confident that the company will be able to comply with the increase in capitalization and affirms its commitment to become an industry key-player.
