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Standard & Poor's Corp. has labelled the Philippine insurance sector as a "downside outlier" in the Asia-Pacific region for its weak regulatory environment, reports BusinessWorld Online.
The insurance industry in the country is less-developed than others in the region, said S&P, adding that the sector lacks legal protection for its supervisory staff. The ratings agency said that it had scored regulatory sophistication in Australian and Singaporean insurance markets as "very strong" and "strong", respectively.