IC orders insurers to report DPWH infra bonds

The Insurance Commission (IC) has directed all non-life insurance companies duly authorized to act as sureties to submit detailed reports on all bonds they have issued, as part of efforts to strengthen regulatory oversight and risk monitoring.

- By MARCO LUIS BEECH

In a circular, the insurance regulator said that submissions should provide comprehensive information on the infrastructure bonds of the Department of Public Works and Highways (DPWH) including their current status and project identifiers.

“In line with the reports previously submitted on bonds issued in favor of the government, including those for DPWH infrastructure projects, additional details are required to further assess the overall risk exposure and potential concentration risk of surety companies,” it read.