Identification of Blacklisted Insurance Companies
- The list is based on a letter from the Clerk of Court, Regional Trial Court of Quezon City dated February 8, 2001.
- Blacklisted companies include Eastern Assurance & Surety Corp., Asia Traders Ins. Corp., Commonwealth Ins. Corp., First Integrated Bonding Co., Mercantile Ins. Co., Inc., Oriental Ass. Corp., Utility Ins. Corp., Fidelity and Surety Co. of the Phils., Inc., Fortune Life and General Ins. Inc., Interworld Ass. Corp., Traveller Ins. and Surety Corp., Matruste Ins. Corp., Washington Ins. Corp., Times Ins. Corp., First Quezon City Ins. Corp., The Imperial Ins. Inc., Zenith Ins. Co., Inc., The Capital Ins. and Surety Corp., Inc., Development Ins., Surety Corp., The Manila Ins.Co, Inc., Rico General Ins. Co., Philippine Phoenix Surety and Ins. Inc., Mega Pacific Ins. Corp., Plaridel Surety and Ins. Corp., Pacific Union Ins. Corp., B.F. General Ins. Corp., The Philippine Charter Ins. Corp.
Legal Effect and Enforcement
- All issuances, policies, and circulars inconsistent with this memorandum circular are revoked and rendered without any force or effect.
- The memorandum circular becomes effective immediately upon adoption (February 19, 2001).
Authority and Signatories
- Signed by Chairman Dante M. Lantin and Board Members Vigor D. Mendoza II and Remedios G. Belleza of the LTFRB.
- The inclusion on the blacklist originates from judicial authority through the Regional Trial Court of Quezon City via the Clerk of Court.
Legal and Procedural Implications
- This blacklist serves as a regulatory tool preventing certain insurance companies from providing valid proof of insurance compliance within the LTFRB’s jurisdiction.
- Entities are prohibited from accepting policies or certificates from these companies for legal compliance purposes unless specific Board approval is granted.
- The circular reinforces the supremacy of current LTFRB regulations over any conflicting prior issuances or policies.