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Manila Bulletin devider Business devider IC rakes in P518 M in registration, supervision fees

IC rakes in P518 M in registration, supervision fees

In 2023

Published Jan 23, 2024 04:56 am

At A Glance

  • Over P518 million was collected by the Insurance Commission in 2023, up by 3.83 percent from P499.54 million collected in 2022.<br>This amount was attributed to examination fees which surged by 14.12 percent to P148.59 million and registration fees for product approvals by 10.04 percent to P61.90 million.<br>The collection of certificate of authority fees and processing fees, meanwhile, declined by 3.39 percent to P188.31 million last year, down from P194.91 million.

The Insurance Commission (IC) raked in more than half-a-billion-pesos from registration and supervision fees last year, largely fueled by examination fees paid by insurance agents.

The IC's data revealed that the agency collected over P518 million from January to December 2023, a 3.83 percent increase in comparison to the fees collected in the previous year.

This amount mostly came from examination fees for insurance agents; certificate of authority fees for new and renewal applications of licenses of insurance agents, brokers, adjusters and other professionals involved in the insurance industry; registration fees for product
approvals; supervision fees; and processing fees.

The agency attributed the increase to the examination fees which surged by 14.12 percent to P148.59 million and registration fees for product approvals by 10.04 percent to P61.90 million.

Accreditation fees posted a significant increase of 22.53 percent to P1.79 million in 2023 from P1.46 million.

Supervision fees also saw an increase of P25.01 million last year, up by  3.02 percent from P24.28 million in 2022.

Meanwhile, the collection of certificate of authority fees and processing fees declined by 3.39 percent to P188.31 million last year, down from P194.91 million in 2022, the IC reported.

Processing fees also shrank by 7.19 percent to P11.96 million from P12.88 million in 2022.

The IC also reported that its miscellaneous income or income received other than the primary sources of revenue, stood at P33,420, higher by 26.59 percent from P26,400 in the previous year.

Supervision and registration fees are the amount collected from insurance companies and other pre-need and health maintenance organizations to keep the performance of the regulatory and supervisory functions of the IC.

Related Tags

Insurance Commission health maintenance organization Pre-need insurance
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