Prescribed rates designed to protect public

Dear Valued Clients:

This article validates Chartis' increase in premium rates since Chartis Philippines  duly complies with the prescribed rates by the Insurance Commission.  FYI.

	Banking     Insurers undercutting rates: Prescribed rates designed to protect public By Ted P. Torres (The Philippine Star) Updated March 22, 2011 12:00 AM  MANILA, Philippines - Despite all the warnings of earthquake, tsunami and other worsening natural catastrophes staring down on mankind, several insurance companies prefers fast gains over long term protection for the insuring public. “There are non-life insurers that continue to nose dive the minimum prescribed rates in insuring homes and other properties against natural calamities, in violation to Insurance Commission ruling,” unnamed insurers told The STAR. IC Circular 21-2010 states that undercutting rates would jeopardize the financial solvency of insurance companies and their ability to settle claims. It prescribes a minimum rate of 0.10 percent of the total insured amount for natural risks such as earthquakes, and another 0.05 percent for typhoon and flood. These rates are added to the basic property insurance that usually covers only fire and lightning. By complying with the minimum rate, the insurer must charge a premium of at least P15,000 a year to insure a P10-million house and lot against typhoon, flood and earthquakes. However, several non-life insurance companies have dropped their minimum rate to 0.7 percent. That is not only a violation of the IC ruling, but also against the memorandum of agreement signed by majority of the non-life insurance companies licensed by the Commission. The accord also formed a task force to monitor compliance of the minimum rate. “The task force is not working. Insurers are still nose diving rates in the face of the Japan disaster,” complying insurers said. “There is still a problem of enforcement.” They added that the IC must be stricter and firmer like the Bangko Sentral ng Pilipinas (BSP). “The time for leniency is over. Typhoon Ondoy and the recent Japan natural disasters should point to the inevitable,” they said. In a recent Senate public hearing, Public Works Secretary Rogelio Singson said that the country would experience massive damages and loss of life in the event that an earthquake hits the country. A recent World Bank study said that most of Metro Manila lies close to the tectonic fault lines, the same fault lines that caused the recent Japan tragedy. The same report said that 90 percent of all earthquake fatalities worldwide since 1960, over 1.1 million people, have been Asians. The March 11 quake and tsunami in Japan only ups the stake. Insurers are also asking the IC to ensure that all domestic and foreign insurers are following regulations regarding re-insurers. Section 215 of the Code states that “no insurance company... whether foreign or domestic, shall retain any risk on any one subject of insurance, an amount exceeding 20 percent of its net worth”. In other words, one should reinsure (spread the risk) over his maximum retention. “The accumulation of risks especially for earthquake, typhoon and flood, (otherwise known as catastrophic perils) that an insurer could take is controlled by the Commission. We are supposed to take out adequate reinsurance protection, computed as being equal to or in excess of five percent of the companies net retained insured values,” they added. Violation of the regulation not only puts the insuring public at risk of not getting sufficient protection but it likewise makes insurers unable to meet claims. An insured property should receive indemnification when it is damaged due to natural catastrophes. The insurance company should immediately indemnify the claimant then turn around and make claims to it re-insurer. A re-insurer insures an insurance company since the size of insures life or property is usually bigger than what a single insurer covers. There is only one local re-insurer while the rest of the reputable re-insurers are foreign. Insurers warned that in the March 11 disaster was not only natural perils but also damage to auto, property, marine, and human life. “Claims must be immediately paid. Insurers must first pay all claims and later reimburse with their re-insurer. If they keep on undercutting rates, they may not be able to pay claims,” they said.

 

 

CHARTIS Advisory: BDO Payment Facility

Dear Partners,

 

Please note that clients using the bills payment facility of BDO shall now be required to include Chartis Institutional Code = 0040 in the Banco De Oro (BDO) payment slip. This measure is designed to minimize errors which resulting in either non-receipt of valid payment or misdirected payment.

 

This is in additional to the basic policy information requirements such as:

 

1. Company Name – Chartis
2. Policy Number for the account number
3. Insured Name
4. Correct premium amount

 

Kindly disseminate this information to all our colleagues and mutual clients.

 

Makati Salcedo Branch

Agency & Branches Channel Management

 

 

CHARTIS

30 Floor Chatham House

116 Herrera St cor. Valero St

Salcedo Village, Makati City

 

www.chartisinsurance.com

 

IMPORTANT NOTICE:
The information in this email (and any attachments) is confidential. If you are not the intended recipient, you must not use or disseminate the information. If you have received this email in error, please immediately notify me by "Reply" command and permanently delete the original and any copies or printouts thereof. Although this email and any attachments are believed to be free of any virus or other defect that might affect any computer system into which it is received and opened, it is the responsibility of the recipient to ensure that it is virus free and no responsibility is accepted by Chartis, Inc. network of companies either jointly or severally, for any loss or damage arising in any way from its use.

 

Rockwell Land's EDADES Tower- Project Info

 

 Edades Tower and Garden Villas – an iconic residential tower that promises no less than unparalleled luxury a the heart of Rockwell Center.

 

 

 

 

 

 

With its modern, iconic architecture, Edades Tower clearly breaks away from local design conventions, displaying an astonishing break-up façade never before seen in local residential developments. Creating a unique and luxurious environment, the project will include a play of chic Garden Villas that boast a new dimension to exclusive city living.

 

 

 

Located directly across the Power Plant Mall with exclusive tunnel access to the finest retail boutiques and anchor stores, the development will also have a central piazza which will house select dining establishments for you to enjoy.

 

 

 

 

 

 

 

Site Map- Right across the North exit of Powerplant Mall (Mango, Marks & Spencers)

 

 

 

 

Also attached are the Edades Brochure, Rockwell Map, Edades Views and Edades Building features.

 

 

Edades_Building_Features.pdf Download this file

Rockwell_map.pdf Download this file

Corporate Travel

Following is the Business Travel Arrangement for Corporate Travel applications:


1. The Company HR should fax  a Declaration List (Travel dates and Destination)


2. Company should endorse this Declaration List.


Funding arrangement depends on the frequency of destination. Minimum premium for Annual Travel is P6,000 and P2,500 for Domestic Travel.


Notice: Prices are subject to change without prior notice.

More on AMLA requirements

For Chartis Philippines' clients:

Those who do not fall under AMLA requirements:

1. For coverages less than P500,000.

2. If premium is less than P10,000.

FYI.

Personal Guard REVAMPED

 

re·vamp (r -v mp )

tr.v. re·vamped, re·vamp·ing, re·vamps

1. To patch up or restore; renovate.

2. To revise or reconstruct

3. To vamp anew.

n.

The act or an instance of revamping; a complete reorganization or revision

 

 

Personal Guard offers NEW & Exciting features and benefits.

 

PL - Personal Guard.PDF (188 KB)
View this on posterous

Chartis Communication Jan 25, 2011