Insurance firm loses suit with costs

The appellant's ground of appeal from the list is that Matambo had failed to give reasons for dismissing their appeal against Non-Bank Financial Institutions Regulatory Authority (NBFIRA). The appellant contended that the acting minister was required in law, to do so.

The court heard that Coversure was levied with a civil penalty of P228,000 in accordance with the provisions of section 130 of the Act, for carrying out business with unqualified/unlicensed agents, as prohibited by section 107 of the Act.