By Eileen Mencias
The Insurance Commission has revoked the cease-and-desist order imposed on Travellers Insurance and Surety Corp. (TRISCO).
In a public notice issued on Dec. 4, Insurance Commissioner Reynaldo Regalado emphasized that the lifting of the CDO does not necessarily indicate the resolution of all concerns.
Regalado said that the commission is continuing its verification of TRISCO’s financial records, adding that the next steps will depend on the findings.
He clarified that the lifting of the order “is without prejudice to other findings/actions it may take upon the completion of the company’s 2024 annual statement (AS) verification/examination.”
The cease-and-desist order, issued on June 3, barred TRISCO from accepting new insurance policies and placed the company under conservatorship. The move was prompted by regulatory concerns regarding its financial standing.
According to TRISCO’s 2022 annual statement, gross premiums reached ₱840.12 million. However, the IC noted that data for 2023 remains unavailable.
