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IC outlines regulatory relief for insurers

THE Insurance Commission (IC) eased rules on insurance firms’ quarterly compliance with the minimum net worth requirement and also announced other relief measures to help companies stay afloat amid the coronavirus crisis.

Insurance sector ‘well-capitalized’ to weather risks

THE INSURANCE SECTOR can weather the impact of the coronavirus pandemic on their businesses, according to the Insurance Commission (IC), even as investments and sales face difficulties.

MBAs allowed to operate during lockdown

MUTUAL benefit associations (MBAs) can now operate with minimal workforce as their employees have been exempted from the enhanced community quarantine, according to the Insurance Commission (IC).

IC order extensions for policies expiring during quarantine

THE Insurance Commission (IC) ordered insurance firms and health maintenance organizations (HMOs) to extend for at least 30 days current policies and agreements expiring during the month-long enhanced community quarantine period.

Insurance industry’s premium income up as of Sept.

THE INSURANCE industry’s premium income picked up in the nine months to September 2019, driven by an increase in all premium types of variable life insurance products.

IC streamlines rules on HMO security deposit requirement

HEALTH MAINTENANCE organizations (HMOs) will have to invest security deposits in government entities starting this year, as mandated by the Insurance Commission (IC).

‘Majority’ of nonlife insurers likely failed to meet end-2019 capital hike

THE INSURANCE Commission (IC) said “majority” of nonlife insurance companies are still working to meet the higher minimum capital requirement that took effect at end-2019, while only “a couple” of life insurers have not yet reached the prerequisite, its top official said.

Microinsurance industry premiums rise

THE MICROINSURANCE industry grew in the first nine months of the year on the back of higher premium production and expanded client base, the Insurance Commission (IC) data showed.

IC says two closed insurers operating under new names

THE INSURANCE Commission (IC) has found that two insurance firms it closed back in 2017 are now operating under new names, its top official said.

Earthquake victims to be prioritized in their insurance claims

THE Insurance Commission has activated its disaster response mechanism to fast-track claims from earthquake-affected residents of Mindanao.

A bright and robust sector

The Philippine insurance industry remains bright and robust, exhibiting positive growth in recent years despite some internal and external challenges. In fact, in 2018,...

Insurance industry posts lower premium income

THE INSURANCE INDUSTRY’S premium income declined in the first half as the uptake of single premium variable products decreased, the Insurance Commission (IC) reported yesterday.

Insurers’ BPO deals now require IC approval

INSURANCE and reinsurance firms will now have to get approval from the Insurance Commission (IC) before they enter agreements with any business process outsourcing (BPO) providers.

IC allows insurance firms to join SBL transactions

INSURANCE and reinsurance companies can now diversify their investment portfolio after the industry regulator okayed their participation in securities borrowing and lending (SBL) transactions.

IC sets rules for PLHIV applications

THE INSURANCE Commission (IC) has issued guidelines on the underwriting of applicants with actual, perceived or suspected human immunodeficiency (HIV) status.

Insurance Commission chief tapped to chair Asian Re

INSURANCE COMMISSIONER Dennis B. Funa was elected as chairman of Asian Reinsurance Corp. (Asian Re), the Insurance Commission (IC) said.

IC issues cease and desist order vs Caritas Health

THE INSURANCE Commission (IC) issued a cease and desist order against health maintenance organization (HMO) Caritas Health Shield, Inc. due to alleged fraudulent card swiping and misrepresentation of sales agents.

Insurers’ REIT investments to qualify as admitted assets

THE Insurance Commission (IC) has issued guidelines on insurers’ investment on real estate investment trusts (REIT), admitting such as assets.

IC requires adjusters to get APAC, PILA endorsement

THE INSURANCE Commission (IC) is now requiring new insurance adjusters to secure endorsement from two associations related to the industry.

A remarkable growth

In the past several years, health maintenance organizations (HMOs), which hit the Philippine health care scene in the 1980s, have been growing remarkably on...

Insurance firms’ premium income climbs in 2018

THE INSURANCE INDUSTRY posted higher premium income in 2018 driven by robust growth across all sectors, the Insurance Commission (IC) reported.

Steadily expanding over time

The Philippine insurance industry remains upbeat in recent years, going hand in hand with the country’s evolving economy. While all sectors of the industry...

Insurance firms preparing for new accounting rules

THE INSURANCE Commission (IC) is optimistic that insurance firms will be able to prepare ahead of the 2023 implementation of new accounting rules, as multinational insurers are expected to comply ahead of time.

Microinsurance sector’s coverage, premiums up

THE INSURANCE Commission (IC) said the microinsurance industry expanded in 2018 in terms of individuals covered and premiums produced.

Remembering BSP Governor Nestor A. Espenilla, Jr.

Testimonials BMAP joins the rest of the banking industry in honoring the memory of an upstanding leader, Governor Nestor Espenilla, Jr. He was Gov. Nesting...

IC issues guidelines on outsourcing activities

THE INSURANCE Commission (IC) issued new guidelines on outsourcing business activities and processes of insurance companies.

IC allows Nat Re to continue operations for two years

THE NATIONAL Reinsurance Corp. of the Philippines (Nat Re) was allowed by the Insurance Commission (IC) to continue its operations for another two years.

IC defers implementation of IFRS 17 by another year

THE INSURANCE Commission (IC) has deferred by another year the implementation of new accounting rules for life and non-life insurers to give these firms more time to comply.

Under half of non-life firms still far from meeting capital norms...

THE Insurance Commission (IC) believes some non-life insurance companies may not be able to meet the increased statutory solvency requirements by the end of the year, and encouraged such firms to seek investors or merge with other companies.

Insurers to set rules vs money laundering

Insurers to set rules vs money laundering

IC sets rules for web aggregators

THE Insurance Commission (IC) has set new rules for the regulation and supervision of insurance web aggregators.

Microinsurance coverage up

THE Insurance Commission (IC) said the number of Filipinos covered by microinsurance grew further in the first half of the year driven by mutual benefit associations (MBA).

Insurance brokers post growth in mediated premium

PREMIUM INCOME generated by brokerage activities grew in 2017 driven by mediated profit in the non-life segment, the Insurance Commission (IC) said.

Insurance Commission junks PGA, Marsh cases

THE INSURANCE Commission (IC) junked the complaints filed by Prudential Guarantee and Assurance, Inc. (PGA) and Marsh Philippines, Inc. against each other for allegedly breaching insurance laws.

Man who pretended to be IC commissioner charged with estafa

The Insurance Commission (IC) said an individual who was claiming to be Insurance Commissioner Dennis B. Funa was charged with estafa. In a statement sent...

Insurance industry posts premium growth in first half

THE INSURANCE INDUSTRY booked a double-digit increase in the first half as all sectors posted robust growth, the Insurance Commission (IC) said on Wednesday.

Case filed vs Philam Life for alleged policy manipulation

Philippine American Life and General Insurance Co., Inc. (Philam Life) is facing administrative case for allegedly manipulating insurance policies. In a statement, the Insurance Commission...

IC bares acquisition, merger plans in non-life sector

THE INSURANCE COMMISSION said Chinese firms are eyeing to support a non-life insurance company placed under conservatorship.

IC shuts operations of pre-need firm Paz Life Plans

THE Insurance Commission (IC) has suspended the operations of pre-need firm Paz Life Plan, Inc. after it failed to comply with the capitalization requirement.

Pre-need firm Paz Life suspended for failing to comply with capital...

THE Insurance Commission (IC) has suspended the operations of pre-need firm Paz Life Plan, Inc. after it failed to comply with the capitalization requirement. In...

Insurance Commission seeks repeal of resolution requiring surety firms to pay...

THE INSURANCE COMMISSION (IC) seeks to repeal the National Labor Relations Commission (NLRC) resolution requiring surety companies to immediately pay the appeal bonds to...

Car sales and insurance

The country’s insurance sector exhibited another strong growth in 2017. Data from the Insurance Commission (IC) showed that the industry’s total premiums grew to...

Stronger than ever

The Philippine insurance industry had a remarkably successful 2017, with its assets, investments, net worth, net income and premium all growing at double-digit rates...

IC shuts down five insurance firms

The Insurance Commission (IC) has shut down the operations of five insurers for failing to meet the minimum net worth requirement. In a statement on...

Insurance sector posts double-digit growth in 2017

By Melissa Luz T. Lopez, Senior Reporter THE insurance sector saw another banner year in premiums in 2017 supported by double-digit growth among life and...