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Thursday, June 13, 2024

PCIC now under supervision of IC

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Finance Secretary Carlos Dominguez III has placed Philippine Crop Insurance Corp. (PCIC) under the supervision of the Insurance Commission (IC) to empower the latter to regularly examine the financial affairs, condition and method of business of the state-run agricultural insurance firm.

With Department Order No. 038.2022 signed on June 28, Dominguez said the results of the examination conducted on the PCIC “shall be submitted by the IC to the DOF (Department of Finance).”

President Duterte in September last year, issued Executive Order No. 148 transferring PCIC from the Department of Agriculture to the DOF as an attached agency “for policy and program coordination and general supervision.”

The PCIC board was also reorganized under EO 148 with the DOF Secretary as chairperson.

The presidential directive and Section 253 of the Insurance Code mandated the IC to conduct an examination into the affairs, financial condition and method of business of government-owned and -controlled corporations (GOCCs) engaged in social or private insurance.

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