DoF affirms 2017 ruling declaring BFPMBAI operations illegal

The Department of Finance (DoF) has affirmed a 2017 ruling by the Insurance Commission (IC) that declared the operations of the Bureau of Fire Protection Mutual Aid and Beneficiary Association, Inc. (BFPMBAI) as illegal.

Finance Secretary Carlos G. Dominguez III confirmed the IC's jurisdiction over the case, highlighting its mandate to regulate the insurance industry and protect the public.

The IC initially ordered BFPMBAI to cease operations and pay a P200,000 fine in 2017 for operating as a mutual benefit association without the necessary license.

BFPMBAI had contested the IC's jurisdiction, arguing it was not an MBA but a mutual aid and beneficiary association organized under the National Internal Revenue Code, and that its members were covered by private insurance.