What is Insurance?

Insurance are financial instruments held in trust by the insurer to

the insured.
-a means of protection from financial loss
-- a form of risk management primarily used to hedge against the
risk of a contingent, uncertain loss.

Types of Insurance:

A. Life Insurance
B. Health Insurance
C. Non-life Insurance
 Examples of Different Types of Insurance
LIFE INSURANCE
Sun Life of Canada (Philippines)
Insular Life Assurance Co., Ltd.
Pru Life Insurance Corporation of UK
Philippine Axa Life Insurance Corporation
HEALTH INSURANCE
PhilHealth
Insular Health Care

NON-LIFE INSURANCE
Pioneer Insurance & Surety Corporation
Prudential Gtee. 7 Assce., Incorporation
Categories of Insurance Company:
A. Composite Insurance Company
- is an insurance company that offers a full range of life and
non-life insurance services. (e.g., Philippine American Life and
General Insurance Company)
B. Non-Life Insurance Company
- provides insurance from automobiles up to homeowners
payment.
C. Life Insurance Company
- caters death benefits and lifespan of the insured through
its premium payments.
Background
 First foreign company in the country
One of the leading life insurance companies
Approved by SEC
Opened its doors in 1907
A subsidiary of Manulife Financial Corporation, based in
Canada.
 PRODUCTS THEY OFFER
Protection
Wealth
Retirement
Education
Health
Business
 Operates a pre-need subsidiary, Manulife
Financial Plans (MFP) & bancassurance
venture company Manulife China Bank Life
Assurance Corporation (MCBL) w/ China
Banking Corporation
MBPS a subsidiary of MFP
Reportorial Requirements mandated by
Insurance Commission
 Division Report Frequency

1. Research and Statistics Statistical Report; Negative List of Officers Quarterly

and Employees

2. Investment and Service Report of Investment Made and Sold or Monthly

Disposed Of
3. Reinsurance Statement of Foreign Exchange Receipts Monthly

4. Rating Report of Surety/Fidelity Bonds issued in Monthly

favor of the gov. of the Philippines or its
political subdivisions and government-
owned or controlled corporation.

5. Examination Submission of Annual Statement Annually

6. Regulation Underwriting guide on Manual Upon request for

approval of policy of
bonds form
7. Licensing Audited Financial Statements (Broker) Annually
8. Actuarial Min. requirements for approval of Life Upon request
insurance
Requirements for Financial Reporting
Framework (Circular Letter 2015-31)
A completed Financial Reporting Templates under the new Financial
Reporting Framework, as outlined in Appendices A and B of this
Circular
A completed Actuarial Valuation Report under the new Valuation
Standards for Life and Non-Life Insurance Policy Reserves, as outlined
in the annexes of their respective circulars; and
A completed RBC2-QIS Template as provided to industry
Insurance Commission Reporting
Requirements
Audited Financial Statements
Independent Auditors Report
Corporate Governance Policy
Roles and Responsibility of the Board
Company Policies
Shareholder Information
Training and Development of the Officers and Employees
Corporate Social Responsibility
Annual Reporting Requirements
Regulatory Agencies involve in Insurance
Company
The Insurance Code of the Philippines (Presidential
Decree 612), which was amended by the Insurance Code
Act No. 10607(2013)
Regulated by Securities and Exchange Commission (SEC)
under the Corporation Code of the Philippines
Bangko Sentral ng Pilipinas (BSP) under The General
Banking Law of 2000
Bureau of Internal Revenue (BIR) in accordance with
National Internal Revenue Code of 1997
Philippine Insurers and Reinsurers Association (PIRA)
Functions of Regulatory Agencies

Insurance Commission (IC) comes under Department of

Finance (DOF) and is headed by the insurance
commisioner
is to regulate and supervise life and non-life insurance, as
well as mutual fund associations, health maintenance
organization (HMO), pre-need lines and charitable trust.
Has the task of issuing licenses to agents, underwriters, agents,
brokers, actuaries, and adjusters.
Act as a consumer protection advocate
Functions of Regulatory Agencies
The Insurance Code of the Philippines (Presidential Decree 612),
which was amended by the Insurance Code Act No. 10607(2013)
provide standard guidelines and policy to all insurance companies and is
the legal framework of Insurance Commission
Philippine Insurers and Reinsurers Association which was merged with
Insurance and Surety Association of the Philippines, encompasses all
non-life insurance in the country and represents their collective interest
to IC and other market stakeholders
- It speaks out on issues of common interest; helps to inform and
participate in debates on public policy issues; and acts as an advocate
for the insurance industry.
- responding to issues that may arise, and anticipating
opportunities to enable its members to better serve their
customers.
Functions of Regulatory Agencies
Securities and Exchange Commission (SEC)
- is a regulatory agency in the Philippines that is responsible
for protecting investors, facilitating capital formation, promotes
public disclosure, and monitors corporate activities.
Bangko Sentral ng Pilipinas (BSP)
- supervises banks and exercises regulatory powers over non-
bank institutions performing quasi-banking functions
Bureau of Internal Revenue (BIR) is responsible to collect of
tax on life and non-life insurance premiums in any form of
money
Independent Audit Report