In a Decision dated 24 May 2022, Finance Secretary Carlos G. Dominguez III upheld the Insurance Commissioner Dennis Funa’s 2017 ruling in an administrative case filed by the Fire Service Mutual Benefit Association, Inc. (“FSMBAI”) against the Bureau of Fire Protection Mutual Aid and Beneficiary Association, Inc. (“BFPMBAI”) declaring the latter’s business operations illegal for operating as a mutual benefit association (“MBA”) without a license issued by the Insurance Commission (“IC”).
In the IC’s decision appealed by BFPMBAI to the Department of Finance, the IC ordered BFPMBAI to immediately cease and desist from continuing its operations and pay a fine of Two Hundred Thousand Pesos (PHP 200,000.00) for operating as an MBA without a license from the IC.
In the administrative case filed before the IC, BFPMBAI argued that it was not operating as an MBA, but as a mutual aid and beneficiary association organized under Section 30 (c) of the National Internal Revenue Code (“NIRC”) and denied that it is not engaged in the provision of insurance benefits because its members are covered by policies issued by a private insurance company.
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