PR Request for Probe on Marsh Operations .pdf

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Republic of the Philippines
Department of Finance

INSURANCE COMMISSION
1071 United Nations Avenue
Manila

CERTIFIED
ISO 9601: 20D8

CN: A1116-0061

PRESS RELEASE

.2e. September 2017

REQUEST FOR PROBE ON MARSH OPERATIONS
Following the publication of the article calling on the Insurance Commission to
conduct a probe on the alleged illegal operations of Marsh U.K. in the Philippines,
Insurance Commissioner Dennis B. Funa said that any regulatory action can only be
made after the Commission's evaluation of the allegations of the respective parties
involved and the evidence submitted in support thereof.
Commissioner Funa said that the issues involving Marsh U.K., a foreign entity
recognized as one of the leading insurance brokers worldwide, was brought to the
attention of the Insurance Commission through a letter dated 03 April 2017. This
letter was signed by the Bernas Law Offices on behalf of Prudential Guarantee and
Assurance, Inc. (PGA), one of the leading non-life insurance companies in the
Philippines.
"In a letter dated 03 April 2017, PGA's counsel requested the Insurance Commission
to conduct an investigation on the manner by which Marsh U.K. and Marsh
Singapore conduct business in the Philippines," said Commissioner Funa.
"In addressing the request and in order to verify the allegations of PGA, the
Commission directed Marsh U.K. and Marsh Singapore to submit their respective
comments. Upon receipt by the Commission of the comment of Marsh Singapore,
the Commission requested PGA to submit its reply to the comment of Marsh
Singapore,' Commissioner Funa added.
Commissioner Funa said that the request of PGA for the conduct of a probe on
Marsh U.K.'s supposed illegal operations in the country is contained in its reply to the
comment of Marsh Singapore.
According to Commissioner Funa, "PGA's request for a conduct of an evidentiary
hearing to determine whether Marsh U.K., Marsh Singapore, and Marsh and
Mclennan Companies are indeed doing business in the Philippines was made
through a letter dated 31 August 2017, which is the reply of PGA to the comments of
Marsh U.K."
He added that the request for an evidential hearing includes the determination of
whether the license of Marsh Philippines to act as a resident agent of Marsh U.K.
should be revoked for allegedly conspiring in the alleged illegal acts of Marsh U.K.

Head Office; P.O. Box 3589 Manila FAX No. 522-14-34 Tel. Nos. 523-84-61 to 70 Website: www.insurance.gov.ph

Commissioner Funa, however, clarified that it would be more appropriate that these
matters should be threshed out in an appropriate proceeding following the rules of
procedure governing administrative cases before the Insurance Commission under
Insurance Memorandum Circular 1-93.
Commissioner Funa said, "As of the moment, the Commission cannot comment on
the allegations of PGA against Marsh U.K. until and unless we have received and
evaluated the evidence of both parties in support of their respective allegations. To
do otherwise would constitute a prejudgment on the issues."
The Insurance Commission, in the exercise of its administrative powers, can hear
and decide cases for violation of the Amended Insurance Code and impose
appropriate penalty(ies), if warranted.

anivirvt—e adcf-/
ATTY

Med
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OANNE FRANCES D.C. CASTRO

elations Officer
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2


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