IC orders Vigattin and Antz Insurance to stop unlicensed operations
THE INSURANCE Commission (IC) has ordered Vigattin Insurance and Antz Insurance Agency & Services to stop operating as insurance agents after finding that both entities engaged in unauthorized insurance activities.
In a decision dated March 11, the regulator issued a cease-and-desist order against the two firms to protect consumers.
“The insurance industry, and by extension insurance agents, receive money in exchange for a promise of risk coverage and the safeguarding of the policyholders’ assets and livelihood,” the IC said.
“As such, Vigattin Insurance and Antz Insurance are reminded that strict adherence to the commission’s rules and regulations is essential to safeguarding consumers,” it added.
The agency said both entities operated separate websites, social media pages, businesses and Securities and Exchange Commission registrations, contradicting claims that Vigattin Insurance merely functioned as a trademark under Antz Insurance.
“A trademark cannot be used to justify deriving benefit from another party’s licensed rights,” the regulator said in a separate notice.
The commission found that Antz Insurance acted as an insurance agent for 12 companies without securing the required licenses, despite holding valid certificates of authority for only four insurers.
The unauthorized arrangements involved Alliedbankers Insurance Corp., Alpha Insurance & Surety Inc., COCOGEN Insurance Inc., The Mercantile Insurance Co., Inc., People’s General Insurance Corp., Philippine British Assurance Inc., SGI Philippines General Insurance Corp., Stronghold Insurance Co., Inc., Oriental Assurance Corp., Malayan Insurance Co. Inc., Pacific Union Insurance Company and Standard Insurance Company.
The IC also suspended Antz Insurance’s existing licenses involving AXA Philippines Life and General Insurance Corp., Bethel General Insurance & Surety Corp., Fortune General Insurance Corp., FPG Insurance Co., Inc. and Philippine British Assurance Co., Inc. pending payment of fines and compliance with regulatory orders.
Meanwhile, the regulator said Vigattin Insurance had never been registered as an insurance agent despite acting for 14 insurance companies.
Among the insurers identified were COCOGEN Insurance, Malayan Insurance, Mercantile Insurance, Standard Insurance, Stronghold Insurance, SGI, People’s General Insurance, Alpha Insurance & Surety, Inc., Paramount Life and General Insurance Corp., Bethel General Insurance, Fortune General Insurance and Pacific Union.
“Any deviation from these regulatory safeguards undermines public trust in the insurance system and must be met with appropriate sanctions to ensure accountability and protect the insuring public,” the IC said.
Aside from the cease-and-desist order, the regulator ordered Vigattin Insurance to take down its website and asked both companies to return commissions and compensation earned from unauthorized activities. — Aaron Michael C. Sy
