September 1, 2025 | 12:00am
MANILA, Philippines — The Insurance coverage Fee (IC) has directed all insurance coverage corporations and associated entities underneath its supervision to submit a whole stock of their services and products.
The order covers all IC-regulated Entities, together with life, non-life and composite insurance coverage corporations. It additionally consists of mutual profit associations, well being upkeep organizations and pre-need corporations.
“All IC-regulated entities shall absolutely accomplish and submit their product stock utilizing the suitable Product Stock Report template, duly licensed by the corporate’s President and/or CEO,” the insurance coverage regulator stated.
This directive aligns with client safety measures underneath Republic Act 11765, often known as the Monetary Merchandise and Companies Client Safety Act (FCPA), guaranteeing transparency and accountability within the insurance coverage sector.
IC emphasised that the FCPA requires regulated entities to make sure their choices are appropriate, reasonably priced and acceptable for his or her supposed market, whereas sustaining transparency and accountability.
The insurance coverage regulator stated such info is significant for market conduct surveillance, offering a complete overview of the present market panorama to advertise transparency and guarantee monetary merchandise are appropriate for shoppers.
“The FCPA highlights the significance of market conduct surveillance and examination as integral to client safety, encouraging IC-regulated entities to constantly consider their choices and to advertise honest market conduct,” IC added.
All regulated entities are required to submit a list of all merchandise permitted as of June 30 to the insurance coverage regulator by Sept. 15.
The report requires submission of key product particulars, together with advertising identify, a short description of options and advantages, approval date and sort, both particular person or group. It should additionally point out the present standing, whether or not open, closed, quickly suspended or discontinued.
This comes after the regulator reported that the well being upkeep group business doubled its earnings to P1.47 billion within the first half from P636.6 million a yr in the past.
Insurance coverage premiums to the gross home product inched barely within the second quarter of this yr by 1.8 %, the IC additionally stated.
Life insurance coverage accounted for the majority, with premiums climbing by 12 % to P195 billion from P174.1 billion in 2024. In the meantime, non-life insurance coverage posted even quicker progress, with web premiums written leaping by over 20 % to P39.6 billion. Final yr, it solely posted P32.89 billion.
atus, whether or not open, closed, quickly suspended or discontinued.
This comes after the regulator reported that the well being upkeep group business doubled its earnings to P1.47 billion within the first half from P636.6 million a yr in the past.
Insurance coverage premiums to the gross home product inched barely within the second quarter of this yr by 1.8 %, the IC additionally stated.
Life insurance coverage accounted for the majority, with premiums climbing by 12 % to P195 billion from P174.1 billion in 2024. In the meantime, non-life insurance coverage posted even quicker progress, with web premiums written leaping by over 20 % to P39.6 billion. Final yr, it solely posted P32.89 billion.