NBFIRA places Bona Life under statutory management

The firm, which is the country’s third largest life insurer, is steeped in a fresh crisis after falling short of the regulator’s Prescribed Capital Target (PCT), a prudential rule designed to protect policyholders from adverse events.

A shareholder stalemate over recapitalisation of the business, saw the firm’s founder, Regina Vaka throwing in the towel on January 10, a move that has shaken policyholders who are owed up to P700 million.