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Insurance Commission: Regulatory Updates(A presentation to the
Regulators’ Forum)
by
Vida T. ChiongDeputy Insurance
Commissioner
14 July 2015
www.insurance.gov.phRepublic of the Philippines
Department of FinanceINSURANCE COMMISSION
INSURANCE COMMISSION BUILDING
Address
:
Insurance Commission1071 United Nations Avenue, Manila
Website
:
www.insurance.gov.ph
www.insurance.gov.phRepublic of the Philippines
Department of FinanceINSURANCE COMMISSION
Insurance Companies 99
Composite 4
Life 27
Non-Life 67
Professional Reinsurer 1
Mutual Benefit Association 34
Pre-Need Companies 14
Insurance/Reinsurance Brokers 83
General Agents 329
Insurance Commission Regulated Entities
www.insurance.gov.phRepublic of the Philippines
Department of FinanceINSURANCE COMMISSION
Industry’s Total Assets as of Dec. 31, 2014 (in Billion pesos)
Life Sector 855.3
Non-Life Sector (Including Professional Reinsurer) 160.9
Mutual Benefit Associations 49.8
Pre-Need 116.2
Total 1,182.2
www.insurance.gov.phRepublic of the Philippines
Department of FinanceINSURANCE COMMISSION
IC- Accredited External Auditors
Firms 36Signing Partners
89
Individuals 15
www.insurance.gov.phRepublic of the Philippines
Department of FinanceINSURANCE COMMISSION
Accreditation Types:
1. Firms/ Signing Partners:
Life/Non-Life/ Professional Reinsurance Company/Mutual Benefit
Association
2. Individuals:
Trusts for Charitable Uses/ Insurance& Reinsurance Brokers/
General AgentsAccreditation Fee - ₱ 5,000.00
FirmsSigning Partners
Accreditation Fee ₱ 50,000.00 ₱ 5,000.00
www.insurance.gov.phRepublic of the Philippines
Department of FinanceINSURANCE COMMISSION
Accreditation Process:
Reference:
IC Circular Letter No. 29-2009 Dated November 10, 2009
Undertaking of the External Auditor:Among others, to preserve his working
papers including any other related documents for a period of five (5) years and making them available to the Commissioner’s representatives when required.
www.insurance.gov.phRepublic of the Philippines
Department of FinanceINSURANCE COMMISSION
Regulatory Updates:
Reference:
1. New Insurance Code or RA 10607 Signed into law in September 2013
2. Circular Letters and Advisories issued by the Insurance Commission
www.insurance.gov.phRepublic of the Philippines
Department of FinanceINSURANCE COMMISSION
Capitalization Requirements1. Existing Insurance Companies
Compliance Date Minimum Networth (in million pesos)
2013 250
December 31, 2016 550
December 31, 2019 900
December 31, 2022 1,300
2. Existing Professional Reinsurer
Compliance Date Minimum Networth (in billion pesos)
2013 2.00
December 31, 2016 2.25
December 31, 2019 2.50
December 31, 2022 3.00
www.insurance.gov.phRepublic of the Philippines
Department of FinanceINSURANCE COMMISSION
Capitalization Requirements3. New Insurance Companies
Minimum Paid-up Capital:
₱ 1,000,000,
000
Contributed Surplus:₱
100,000,000
4. New Professional Reinsurers
Minimum Paid-up Capital:
₱ 3,000,000,00
0
Contributed Surplus:
₱ 400,000,000
Cont.:
www.insurance.gov.phRepublic of the Philippines
Department of FinanceINSURANCE COMMISSION
New Financial Reporting Framework(coverage)1. Chart of Accounts for Insurance
Companies2. Reserve Valuation Standards for Life
Insurance Companies*3. Reserve Valuation Standards for Non-Life
Insurance/ Reinsurance Companies**4. Proposed RBC2 Template5. Timelines for Submission of Reports for
the Parallel Runs*Gross Premium Valuation Method**UPR 24th method; To use actuarial method in computing other reserves
________________________
www.insurance.gov.phRepublic of the Philippines
Department of FinanceINSURANCE COMMISSION
New Financial Reporting Framework(coverage)
6. Valuation of Assets
7. Investments Limits
8. Allowable Investments
9. Admitted/ Non- Admitted Assets
10.Fees, Charges & Penalties
Cont.:
THANK YOU
