Car owners with comprehensive insurance for their motor vehicles are not required to buy compulsory third-party liability (CTPL) coverage when registering with the Land Transportation Office (LTO). Insurance Commissioner Reynaldo A. Regalado said comprehensive insurance coverage should meet the...
The combined premiums of the insurance industry registered a decline in the first six months of the year, data from the Insurance Commission (IC) revealed. Based on reports provided by 128 out of 136 licensed life and nonlife insurers, as well as mutual benefit associations (MBAs), the total...
Senator Christopher “Bong” Go is pushing for a bill seeking to amend the country’s Insurance Code in order to enhance the services of Health Maintenance Organizations (HMOs). Sen. Christopher “Bong” Go (MB file photo) Go, chairman of the Senate Committee on...
Malacañang on Thursday, March 30, announced the latest appointees of President Ferdinand “Bongbong” Marcos Jr. to three government agencies and offices—Philippine Postal Corp., Insurance Commission of the Department of Finance (DOF), and the National Task Force to End Local Armed Conflict...
The Insurance Commission’s (IC) move to increase the minimum catastrophe insurance rates is an anti-competitive policy that will just incentivize cartels and pass on additional burdens to consumers in the form of price hikes. AGRI Party-list Rep. Wilbert Lee Thus, underscored AGRI Party-list Rep....
The Insurance Commission should consider allowing online shopping platforms to sell insurance products, a policy paper released life insurer Pru Life UK stated. Based on the policy paper called “InsurTech: Driving Broader Insurance Access” authored by law firm Romulo Mabanta Buenaventura Sayoc...
Benefits and claims paid by health maintenance organizations (HMOs) rose in the third-quarter last year driving by increasing medical needs of the Filipino people, the Insurance Commission said. In a statement on Thursday, Jan. 19, Insurance Commissioner Dennis B. Funa said health care benefits and...
The Insurance Commission must suspend the implementation of its Circular Letter No. 2022-34, which seeks to increase the insurance premium rates on catastrophes such as typhoons, floods and earthquakes. (Bernard Hermant/ Unsplash) AGRI Party-list Rep. Wilbert T. Lee reiterated this call Sunday,...
AGRI Party-list Rep. Wilbert Lee wants the House of Representatives to probe the impending abrupt and unreasonable increase of "catastrophe insurance" premium rates, which he claimed will greatly affect the prices of basic commodities. AGRI Party-list Rep. Wilbert T. Lee (Ellson Quismorio/ MANILA...
An affiliate of e-commerce platform Shopee has secured its license to sell life insurance products in the Philippines, the Insurance Commission announced. In a statement Wednesday, Aug. 10, Insurance Commissioner Dennis B. Funa said that SeaInsure Life Insurance Co., Inc. (SeaLife) was granted a...
The Insurance Commission (IC) approved the life insurance business application of Maxicare Life Insurance Corp. (MaxiLife), a joint venture firm between the Gokongwei-led investment company and an health maintenance organization (HMO) provider. In a statement on Thursday, July 28, Insurance...
The Insurance Commission (IC) reported on Wednesday, June 15, that local insurers have paid about P2.93 billion for claims related to Covid-19 in the first three-months of the year. In a statement, Insurance Commissioner Dennis B. Funa said the claim payouts were made by life and non-life insurers,...
