Court stops GSIS take over of CTPL insurance

The Mandaluyong Regional Court issued a 20-day temporary restraining order against GSIS from implementing its plan to take over the issuance of CTPL insurance from private insurance companies. The court will study the merits of a petition filed by Ms. Belinda Martezano, an insurance agent, to stop the GSIS from monopolizing the CTPL business in the country.

Read more . . .

*

Compulsory Third Party Liability Insurance

The fight over who should write the CTPL insurance is not yet over. What’s the controversy, in the first place?

The law compels the motor vehicle owner to procure a valid Third Party Liability Insurance and present the insurance policy upon filing of application as a requirement in the registration with the Land Transportation Office (LTO). However, there are unscrupulous entities or persons who are issuing fake insurance policies. To curb this malpractice, several systems, procedures have been devised and implemented. But these systems and procedures were no match to the issuers of fake insurance policies.

Read more . . .

*

The Principle of Subrogation

The aggrieved party has the legal right to recover from the offending party. However, if the aggrieved party has insurance on his property, claimed from and indemnified by the insurance company, the legal right to recover is transferred to the insurance company. This is called “subrogation”. Without “subrogation” the insured can still recover from the offending party; thus he could profit from his misfortune.


Read more . . .

Trade Credit Insurance

If you are dealing with an “Open Account” payment system, it is advisable to cover it with Trade Credit Insurance. It is an effective credit management tool in time of uncertainties.


Read more . . .

*