THE Department of Finance (DoF) upheld a 2017 ruling by the Insurance Commission (IC) declaring the operations of Bureau of Fire Protection Mutual Aid and Beneficiary Association, Inc. (BFPMBAI) as illegal.
Finance Secretary Carlos G. Dominguez III affirmed the IC ruling in a decision dated May 24 that said the IC has jurisdiction over the case as the “sole government agency mandated to ensure the faithful execution and enforcement of the provisions of the Insurance Code as well as the efficient regulation of the insurance industry.”