Treñas warns residents vs. doubtful insurance firms

Mayor Jerry P. Treñas is calling for awareness among city residents after 12 insurance companies were issued a Cease and Desists Order by the Department of Finance for failure to pay their clients' claims.

The warning came after Interior and Local Government's Bureau of Local Government Supervision OIC-Director Mariano Gabito sought the assistance of Treñas as head of the League of Cities of the Philippines (LCP) to inform all local government units that with the CDO, prospective clients could no longer transact insurance business with the 12 companies.

These are First Integrated Bonding and Surety Company, Inc., TICO Insurance Co. Inc., The Imperial Insurance, Inc., Luzon Insurance and Surety Company, Inc., First Quezon City Insurance Company, inc., Times Surety and Insurance Company, Inc., Wellington Insurance Co., Inc., The Capital Insurance and surety Company Inc., Mantrute Insurance Corp., Zenith Insurance Corporation, Development Insurance and Surety Corporation and Mega Pacific Insurance Corp.

In Iloilo City, Treñas ordered licensing officer Lerma Española and city treasurer Katherine Tingson to check on the records of the companies. He said he has ordered for the cancellation of permits of those that were able to secure business permits here.

Treñas then immediately disseminated and discussed the Department of Finance's concern to LCP member-cities. The mayor said the move is very well supported by the League members. Adora Bandorio/PIO