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Law lifts restrictions on foreign ownership of insurance adjustment firms

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The newly passed Republic Act 10881 has lifted the restrictions on the foreign ownership of insurance adjustment firms in the Philippines, The Manila Times reports.

Previously, Section 332 of the Insurance Code stipulated that an adjustment company may only be owned by Filipino citizens, or in cases of partnerships, association or corporation, at least 60% of its capital must be owned by a Filipino.

The new law now allows foreign national and 100% foreign ownership in adjustment companies.

 

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