Question & AnswerQ&A (IC CIRCULAR LETTER NO. 7-2004)
Insurance companies are required to keep their paid-up capital intact or unimpaired at all times, meaning that the total net assets or stockholders' equity must be at least equal to the paid-up capital of the company.
Paid-up capital is considered intact or unimpaired if the total net assets or stockholders' equity is at least equal to the paid-up capital of the company.
The paid-up capital shall be taken to be equal to the minimum paid-up capital required of the company corresponding to the category in which it belongs.
The minimum paid-up capital is P50 million.
The minimum paid-up capital is P75 million.
The minimum paid-up capital is P75 million.
The minimum paid-up capital is P150 million.
The minimum paid-up capital is P250 million.
The circular took effect immediately upon its adoption on March 29, 2004.