IC to supervise PCIC following DOF order

The Insurance Commission (IC) will now supervise the Philippine Crop Insurance Corp. (PCIC), a state-controlled entity, following the issuance of Department Order No. 038.2022 by Department of Finance (DOF) Secretary Carlos Dominguez III.

This move grants the IC the authority to regularly examine the financial affairs and business methods of the agricultural insurance firm every three years, or more often as directed.

The results of these examinations are to be submitted by the IC to the DOF.

Previously, Executive Order (EO) No. 148, issued in September 2021, had moved PCIC from the Department of Agriculture (DA) to the DOF for coordination and supervision.

Under the same EO, the PCIC Board was reorganized with the DOF chief as its chairperson.

Dominguez acted based on a presidential directive and Section 253 of the Insurance Code, which empowers the IC to examine government-owned and controlled corporations (GOCCs) involved in insurance operations.

Additionally, the IC has formed project audit teams to ensure that the Government Service Insurance System (GSIS), Philippine Health Insurance Corp. (PhilHealth), and the Social Security System (SSS) are adopting the Philippine Financial Reporting Standards 4 (PFRS 4).