Michael Rellosa, Executive Director of the Philippines Insurance and Reinsurance Association (PIRA) says the use of fixed tariffs has hampered attempts to launch the PCIF.
Committee says there was a "collective failure" by insurers to meet policyholder obligations and has proposed 86 recommendations to improve fairness and consumer protection in the industry.
P&C insurers in three major North Asian markets of China, Japan, and Taiwan hold almost three times the amount of regulatory capital for asset risk than US carriers.
