Brief History of CLIMBS

CLIMBS was organized in 1971 by the Misamis Oriental - Bukidnon - Camiguin Federation of Cooperatives ( MBC ) and the Southern Philippines Educational Cooperative Center (SPECC ) as an experiment in mutual protection. It's founding fathers are Aquilino Pimentel, Sr. and Atty. Mordino R. Cua. At that time, it's original name was "Coop Life Mutual Benefit Services".

CLIMBS was organized to provide mutual protection services to its members. The binding factor is that we are cooperatives. It is also the only insurance company that is owned and operated by 100% filipino cooperatives nationwide.

In 1989, CLIMBS established linkages with the International Cooperative Development Agency (ICDA) which is under the Canadian Internation Development Agency (CIDA) and also with the Canadian Cooperative Association (CCA).

On November 20, 1975, CLIMBS was registered with the Securities and Exchange Commission(SEC) and by December 17, 1992, registration with the Cooperative Development Authority(CDA) was finalized.

By April 14, 1993, CLIMBS was issued SEC Certificate of Dissolution in Compliance with the CDA requirement and by April 20, 1994, it obtained a license as an MBA with the Office of the Insurance Commission with Mutual Aid System.

In 1996, CLIMBS affiliated with the International Cooperative Mutial and Insurance Federation (ICMIF).

On April 28, 2004, CLIMBS organized an insurance company, The Cooperative Assurance Society of the Philippines (CLASP), the first mutual benefit association to put-up an insurance company.

Last 2004, CLIMBS organized Coop Life Assurance Sociey of the Philippines (CLASP); the one and only life insurance company organized by a Mutual Benefit Association. It is a partnership between the COOPERATIVE as distribution channels and CLIMBS in marketing COOP financial & investment products and CLIMBS insurance products & services.

CLASP was duly registered with the Cooperative Development Authority(CDA) last March 17, 2004 with Registration No. QC-063-F and was also licensed by the Insurance Commission last April 28, 2004 under License No. 2004 / 14-0 to transact the business of life insurance among cooperatives as well as to the general public.

By year 2007, steps to merge CLIMBS and CLASP was started. And by ------, On June 1, 2007, the merger was completed and approved by the Insurance Commission and the Cooperative Development Authority (CDA).

In 2008, CLIMBS applied with the Insurance Commission for a composite insurance license, to operate as a life and general insurance company and in the same year, CLIMBS joined the recently organized Cooperative Mutual Fund and actively participated in the Organization of the Cooperative Deposit Insurance System.

By the year 2010, CLIMBS acquired its license to operate as a composite insurance..

Today, we cater to over 2,000 cooperatives nationwide. Through our partnership with other companies (local & international), we can now offer a complete line of insurance products.

This year, CLIMBS acquired its Certificate of Tax Exemption from the Bureau of Internal Revenue entitling CLIMBS to the tax exemption & incentives provided for under Article 60 of Republic Act No.9520, as implemented by Section 7 of the Joint Rules and Regulations Implementing Articles 60, 61 and 144 of RA No. 9520.