COUNTRYSIDE-BORN non-life insurance company Corporate Guarantee (CG) of the Laus Group of Companies over the weekend carved another milestone in its 23 years of valuing its commitment to stakeholders after meeting the P900-million capital requirement or net worth in its Certificate of Authority pegged by the Insurance Commission.
In 2018, the Insurance Commission granted the renewal of CG’s three-year certificate of authority by the Insurance Commission. The certificate is for the period January 1, 2019 to December 31, 2021.
The capital requirement for 2019 was pegged at P900 million, up from P550 million in 2016, and will be hiked to P1.3 billion on 2022.
Established in 1997, CG (formerly Corporate Guarantee and Insurance Company or CGIC) has the exceptional distinction of being one of only two insurance companies in the Philippines operating outside Metro Manila, a stature attributed to LausGroup founder Levy P. Laus’ advocacy for countryside development.
Moving into its 24th year with over P1 billion in assets, CG achieved on May 9, 2020 another momentous feat, as SGS Philippines formally announced that it is once again ISO 9001:2015 certified.
That milestone makes CG the first non-life insurance firm in the country to be recommended by SGS Philippines for transition to the new ISO version. CG passed anew its ISO recertification concluded last March 9 and 10, 2020.
The ISO Certification was issued after CG met high international standards on quality management systems and processes, ensuring applicable statutory and regulatory requirements, exercising nothing less than the best standards of system and process management to address customers’ concerns, and more importantly, attaining excellent customer satisfaction.
CG also marked a milestone in excellence after being accredited by the Investors in People (IiP), an international assessment body based in the UK represented by IiP Philippines to further push people management excellence.
CG is the first and only non-life insurance company nationwide to be accredited by IiP.
During the celebration of its 21st anniversary at the LausGroup Event Centre, Commissioner of the Insurance Commission of the Philippines described CG as one of the strongest non-life insurance companies in the Philippines.
“I would like to congratulate the whole management, stockholders, directors, officers, and employees of Corporate Guarantee who have practiced responsible and effective governance that made you one of the strongest non-life insurance companies in the Philippines,” Insurance Commissioner Dennis Funa said.
At present, CG is serving its current customers and growing clientele through several branches in Metro Manila, Central and Northern Luzon, the same geographic territory that has been strategically mapped out for expansion by the Laus Group of Companies. (JTD)