Insurance code changes a wiser move in transfer of pre-need to IC.

Byline: Earl Warren B. Castillo

Congress will do well to amend the Insurance Code instead of enacting a separate Pre-Need Plan Industry Code in transferring the Securities and Exchange Commission's regulatory powers over pre-need firms to the Insurance Commission (IC).

While at it, University of the Philippines law professor Eloisa P. Alcordo said Congress can also effect other vital amendments to update the code's provisions especially on new regulatory requirements covering paid up capital and changes in ownership.

"It's better to integrate everything in one code. That way, we hit two birds with one stone," noted Ms. Alcordo who teaches insurance …