Philippines' Insurance Commission to fall under central bank's rule

Two separate bills have been filed at the Philippine legislature's lower house seeking to restructure the Insurance Commission and place it under the jurisdiction of the central bank Bangko Sentral ng Pilipinas (BSP). If either bill is passed, it would make the BSP a "super regulator" similar to regional neighbours Monetary Authority of Singapore and Bank Negara Malaysia, according to a report by the Manila Bulletin. At the moment the BSP jurisdiction is limited to banks and non-banks with quasi banking functions. However the amended charter gives them additional supervision powers to...