By BusinessWorld,Cedtyclea
Copyright bworldonline
THE INSURANCE Commission (IC) has placed nonlife insurer Intra Strata Assurance Corp. (ISAC) under conservatorship after it failed to submit its audited financial statements for 2024.
The company was also served a cease-and-desist order and was prohibited from transacting any new business.
“Notice is hereby given that the Insurance Commission has issued a Cease and Desist Order against Intra Strata Assurance Corp. due to the company’s inability to comply with the requirements of Republic Act (RA) No. 10607 otherwise known as the ‘Amended Insurance Code’ and/or Order of the Commission,” the regulator said in a notice dated Sept. 12.
“In line with this, the Certificate of Authority of Intra Strata Assurance Corp., was suspended. Moreover, the company was ordered to cease and desist from transacting any new insurance business of any kind or character and was simultaneously placed under conservatorship pursuant to Section 255 of the Amended Insurance Code effective Sept. 12, 2025,” the IC added.
In a statement on its website, ISAC said the company already submitted its 2024 annual report and secured its external auditor’s commitment to release its audited financial statements within the week.
The company also requested that the effectivity of the stop order be deemed temporary ahead of the submission of the requirement.
It assured its policyholders that all existing contracts remain valid as the suspension only applies to the issuance of new policies.
“ISAC remains fully committed to honoring its obligations to policyholders,” the insurer said.
It added that they are working closely with the IC and its designated interim conservator to ensure full transparency, good governance, and continued protection of policyholder interests.
ISAC said it has “rectified internal lapses in handling regulatory correspondence and has instituted corrective and disciplinary measures to ensure stricter compliance moving forward.”
“We emphasize that ISAC remains financially sound and committed to serving its policyholders. The company is confident that upon submission of the final audited statements and fulfillment of regulatory requirements, the cease and desist order and conservatorship measures will be lifted.”
Intra Strata’s premiums earned stood at P198.313 million in 2024, while its net income was at P165.43 million. — Aaron Michael C. Sy
