A total of 131 insurance providers complied with the Insurance Commission (IC)’s directive to submit a complete inventory of their products and service offerings, ensuring regulatory compliance and transparency in the industry.
‘This is in line with the commission’s efforts to ensure that entities are not allowed to offer products unapproved by the commission, as strengthened by the implementation of the Financial Products and Services Consumer Protection Act,’ the regulator said.
The directive encompasses all entities under the IC’s supervision, including life, non-life and composite insurers. It also includes mutual benefit associations (MBA), health maintenance organizations (HMO) and pre-need companies offering various insurance-related services.
Insurance firms were given until Sept. 15 to comply with the directive of the IC. In its previous advisory, the commission warned that non-compliance could lead to sanctions and regulatory measures under existing laws.
However, several companies failed to submit a product inventory report to the IC.
These include AIA Philippines Life and General Insurance Co., CLIMBS Life and General Assurance Philippines, Apex Life and General Assurance Corp., BPI AIA Life Assurance Corp. and Philippine Life Financial Assurance Corp.
For HMOs, Forticare Health Systems International, Getwell Health System, Medicare Plus and Optimum Medical and Healthcare Services failed to comply with the requirement. Likewise, pre-need companies including AMA Plans, Eternal Plans and Evergreen Life Plan Services also failed to submit.
Those in the non-life industry that were unable to comply were Asia United Insurance, Cibeles Insurance Corp., Insurance Company of North America, Metropolitan Insurance Co. and People’s General Insurance Corp.
It also includes the Prudential Guarantee and Assurance, SGI Philippines General Insurance Company and Visayan Surety and Insurance Corp.
For MBAs, the insurance regulator reported that as CCT Mutual Benefit Association, Fire Services Mutual Benefit Association, Goodlife Mutual Benefit Association, Kabigkis Mutual Benefit Association, Lakan Mutual Benefit Association, Meralco Employees Mutual Aid and Benefits Association, did not submit the report.
Also included among those who are unable to file compliance requirements are Novo Ecijano Teachers Mutual Benefit Association and the Philippine Public School Teachers Association.
The insurance regulator reminds the public to transact only with IC-regulated entities and to exercise utmost caution when dealing with providers falsely claiming to be registered with the commission.