The Insurance Commission (IC) has issued a new license to AIA Philippines Life and General Insurance Co., Inc. following its merger with Philam Equitable Life Assurance Co., Inc. (PELAC). In a statement, Insurance Commissioner Dennis B. Funa said on Thursday, April 28, that the IC needed to issue a...
Two foreign-led insurers are set to enter the Philippine market, the Insurance Commission (IC) announced. Without naming names, Insurance Commissioner Dennis B. Funa said they are now processing the applications of the two new entrants coming from a Southeast Asian conglomerate. “We will announce...
PhilHealth, PCIC accounting norms monitored By Chino S. Leyco The Insurance Commission (IC) is closely monitoring the compliance of the Philippine Health Insurance Corp. (PhilHealth) and the Philippine Crop Insurance Corp. (PCIC) with the directive of the Department of Finance (DOF) to adopt...
Healthcare benefits and claims rose by 25 percent from October to December last year amid the prolonged pandemic, the Insurance Commission reported on Friday, March 25. In a statement, Insurance Commissioner Dennis B. Funa said health maintenance organizations (HMOs) paid P32.72 billion in benefits...
The Life Underwriters Association of the Philippines (LUAP) launched its first-ever national awards program for the country’s top life insurance advisors and companies. In partnership with the Insurance Commission (IC), LUAP unveiled the Philippine Life Insurance Agents Awards (PhilLIAA). A...
Insurance claims related to the pandemic reached P16.71 billion in the past two years, with life coverages accounting for more than half of the payouts, the Department of Finance (DOF) said. In a report to Finance Secretary Carlos G. Dominguez III, the Insurance Commission said 23 percent or P3.89...
The Insurance Commission (IC) lauded the state-owned Philippine Crop Insurance Corp. (PCIC) and CARD Pioneer Microinsurance, Inc. (CPMI) for an agreement on agriculture insurance. In a statement, Insurance Commissioner Dennis B. Funa said the co-insurance agreement between PCIC and CPMI would help...
As the number of COVID-19 cases in the country increased, insurance claim payouts due to the pandemic hit P8.2 billion in the first nine months of last year, a survey conducted by the Insurance Commission revealed. In a statement, Insurance Commissioner Dennis B. Funa said on Monday, Jan. 31 that...
The Insurance Commission (IC) has placed pre-need firm Himlayang Pilipino Plans, Inc. (HPPI) under conservatorship due to poor financial management. In a statement, Insurance Commissioner Dennis B. Funa said on Monday, Jan. 24, that HPPI was placed under conservatorship following its “continuing...
The Insurance Commission (IC) has ordered the immediate processing of claims related to Typhoon Odette. Under Circular Letter No. 2021-71, the IC directed insurers to adopt and implement claims management policies that will facilitate immediate processing of insurance, reinsurance, mutual benefit...
The Insurance Commission reported that the premium income of insurers in the country jumped by double digits in the second-quarter, an indication of the country’s economic recovery from a prolonged pandemic. In a statement, Insurance Commissioner Dennis B. Funa said on Tuesday, Oct. 26, that the...
State-run Philippine Crop Insurance Corp. (PCIC) is at risk of suffering heavy losses once major catastrophic events occur, which would eventually be shouldered by the taxpayers, an in-depth analysis by the Insurance Commission (IC) revealed. According to the IC analysis released by the Department...
