IC allows Intra Strata to resume business
THE INSURANCE COMMISSION (IC) has allowed nonlife insurer Intra Strata Assurance Corp. (ISAC) to resume its normal operations as it has been released from conservatorship following its failure to submit regulatory requirements.
“Notice is hereby given that the Insurance Commission has lifted the suspension of the Certificate of Authority issued against Intra Strata Assurance Corp. and has released the company from conservatorship effective Oct. 3, 2025,” the regulator said in a document posted on its website on Oct. 3.
On Sept. 12, the company was placed under conservatorship and told to cease and desist from transacting new business after it was unable to submit its audited financial statements for 2024.
ISAC earlier said it was already working to address the issue to ensure stricter regulatory compliance moving forward.
Latest IC data showed Intra Strata’s premiums earned stood at P198.313 million in 2024, while its net income was at P165.43 million. — AMCS
