In an interview, GSIS President and General Manager Winston Garcia said DoTC has the authority to rebuff any player in the compulsory third party liability (CTPL) insurance, a requirement for car registration.

"There is a process for the accreditation. It is ongoing right now by the committee, which included the department of finance," Garcia said.

He disclosed the committee is considering the application of three market players, namely: GSIS, Ramsey and the Philippine Insurance and Re-insurers Association (PIRA) that formed a consortium composed of 97 members.

But, it is still uncertain if PIRA’s group or the consortium it has formed has already obtained a license to go into insurance business.

"Let us wait for DoTC to decide," Garcia said, brushing aside any overtures for GSIS to stay out of the CTPL insurance business.

To recall, GSIS was invited by DoTC to submit a proposal in the handling of CTPL insurance issue, which steered the nests of PIRA members. DoTC invited GSIS to help the government collect correct revenues from car registration and documentary stamp tax arising from CTPL premium payment. This, hopefully, will contribute to the budgetary deficit reduction program of the government.

The GSIS official urged the insurance regulators, particularly Insurance Commissioner Evangeline Escobillo, to stay apolitical on this controversial issue.

"We have a proposal. It is up to the DoTC to decide," Garcia said. GSIS insures most if not all government assets, of which 80 percent is passed on to reinsurers.

It was said Escobillo has reportedly openly endorsed the proposal of PIRA to form a consortium that will manage the issuance, including collections of premiums and payment of claims of CTPL clients.

Known as the PIRA COC consortium, the plan will change the system of the CTPL by using the banking system for the vehicle registration and payment system instead of the present cumbersome system "full of loopholes."