2 insurance firms ordered shut over violations

The Insurance Commission (IC) has ordered two insurance companies to cease and desist from operating as agents after an investigation showed they engaged in unauthorized insurance activities.

In a statement released on Tuesday, the IC said it cracked down on Vigattin Insurance and Antz Insurance Agency & Services in a decision dated March 11 after the two firms evaded regulatory requirements set by the insurance regulator.

“Although Antz Insurance holds valid licenses for four insurance companies, the IC’s investigation found that it had been acting as an agent for several other companies without the requisite licenses, while Vigattin Insurance has never been registered as an insurance agent,” it said.

“IC likewise found that, despite Vigattin Insurance’s claim that it is merely a trademark, it operates separately and independently from Antz Insurance,” it added.

Penalties

In effect, Antz Insurance’s licenses have been suspended while Vigattin Insurance has been ordered to take down its website.

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Both companies were also ordered to pay the appropriate penalties and return all commissions and compensation received from their unauthorized activities.

“The insurance industry, and by extension insurance agents, receive money in exchange for a promise of risk coverage and the safeguarding of the policyholders’ assets and livelihood. As such, Vigattin Insurance and Antz Insurance are reminded that strict adherence to the Commission’s rules and regulations is essential to safeguarding consumers,” the IC said.