The head of the Philippines’ insurance regulator has said Prudential Guarantee and Assurance (PGA) will file a complaint against
Marsh UK “very soon” over alleged illegal operations in the country.
“PGA is supposed to formalize their complaint,” Insurance Commisioner Dennis Funa said as reported by the
Manila Times. “It is not formal yet because it (the initial complain) was just in the form of a letter. But they have not filed their formal complaint yet. I understand they will be doing it very soon.”
Earlier this year, the regulator revealed it had received a letter from PGA’s counsel requesting a probe over accusations that Marsh unlawfully solicited a client in the Philippines. The Insurance Commission did not disclose specific details of the case.
However,
Manila Times reported that PGA lawyer Jose Bernas accused David Jacob, head of Marsh Singapore, of presenting a reinsurance package to a Philippine firm on behalf of Marsh UK, which would assume all insurance risks through a “fronting insurer.”
The lnsurance Commission has the authority to hear and decide cases for violation of the Philippines’ insurance code and impose penalties if warranted.
Insurance Business has reached out to Marsh UK for comment.
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