Insurers now allowed to invest in REITs Mary Grace Padin (The Philippine Star) – June 27, 2019 – 12:00am MANILA, Philippines — The Insurance Commission (IC) is now allowing insurance firms and pre-need companies to invest in real estate investment trusts (REIT), providing them opportunities to diversify their investments and improve earnings. On June 21, Insurance Commissioner Dennis Funa issued IC Circular Letter 2019-27, which qualifies REIT as admitted asset for insurance companies and mutual benefit associations (MBA), and allowable investment for pre-need companies. “While the Insurance Code specifically allows insurance companies to invest in REIT, it is not a self-executory provision. In other words, there is a need for the issuance of implementing rules and regulations,” Funa said. REIT refer to listed companies that own and operate infrastructure facilities, such as toll ways, airports, and high-ways; and income-producing real estate such as condominiums, shopping centers, office spaces, hotels, and resorts, and hospitals. According to Funa, REIT are expected to provide additional investment options for the insurance industry. It is also seen to strengthen the industry’s participation in the capital markets, thereby enabling them to boost their returns. Under the new regulation, REIT must have prior approval of the Securities… Read full this story
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