Philippines Insurance Industry – Governance, Risk and Compliance
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Philippines Insurance Industry Regulation Overview
The Insurance Commission (IC) regulates the Philippines insurance industry along with other regulators and supervisors including the International Association of Insurance Supervisors (IAIS), Philippine Life Insurance Association (PLIA), Philippine Insurers and Reinsurers Association (PIRA), and Financial Stability Coordination Council (FSCC).
The Philippines insurance industry governance regulation report provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident & health (PA&H), and marine, aviation & transit (MAT) insurance. The report specifies various requirements for establishing and operating insurance and reinsurance companies and intermediaries. The report also gives insurers access to information on prevailing insurance regulations and recent and upcoming changes in the country’s regulatory framework, taxation, and legal system. It includes the scope of non-admitted insurance in the country as well.
Key Regulators | · Insurance Commission (IC)
· International Association of Insurance Supervisors (IAIS) · Philippine Life Insurance Association (PLIA) · Philippine Insurers and Reinsurers Association (PIRA) · Financial Stability Coordination Council (FSCC) |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Marine Liability Insurance · Professional Indemnity Insurance · Social Security Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
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Philippines Insurance Industry – Key Regulators and Legislation
Insurance Commission (IC): The IC is the key body responsible for the regulation and supervision of the country’s insurance industry. The law of the Republic Act No. 275 established IC as an independent office.
The commission’s principal objective is to control and monitor insurance, reinsurance, and insurance company intermediaries within the provisions of the Insurance Code. Some of the key duties and responsibilities of the IC include promoting the growth and financial stability of insurance companies and ensuring adequate protection of Philippine citizens at a fair and reasonable cost.
International Association of Insurance Supervisors (IAIS): The IAIS is a membership-driven global organization representing insurance regulators and supervisors. It formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.
The legislations regulating the Philippines insurance industry are:
- Insurance Code
- Land Transportation Commission
- National Health Insurance Act
- Republic Act No. 8,042
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Philippines Insurance Industry - Compulsory Insurance
Some of the compulsory insurances required within the Philippines insurance industry are:
- Motor Third-Party Liability Insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
- Social Security Insurance
Compulsory Insurances in Philippines
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Philippines Insurance Industry - Company Registration and Operation
A license is required to operate in the Philippines insurance industry. Section 193 of the Insurance Code stipulates that insurers and reinsurers need to be registered and authorized by the Commission to carry out business in the Philippines. Intermediaries are required to obtain a certificate of authority from the Commission as well to operate business in the country.
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Philippines Insurance Industry – Taxation
Tax is imposed upon insurance premiums within the insurance industry in Philippines. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
Corporate Income Tax: Companies incorporated in the Philippines are taxed on their worldwide income, while branches of foreign companies and non-residents are taxed on Philippines-sourced income. In this respect, a company that is incorporated in the Philippines or incorporated outside the country but has a branch in the Philippines is considered a resident company. Any other foreign company is considered a non-resident.
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Scope
- The report covers details of the insurance regulatory framework in the Philippines.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments in the country’s insurance regulatory framework.
- The report analyzes the rules and regulations about the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.
Key Highlights
- The IC governs the Philippine insurance industry.
- Non-admitted insurance is not permitted in the Philippine insurance industry except for marine cargo imports and exports.
- Composite insurance is prohibited in the Philippines.
- Key classes of compulsory insurance include motor third-party liability insurance and professional indemnity insurance for insurance brokers.
Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in the Philippines.
- Track the latest regulatory changes and expected changes impacting the Argentine insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance products.
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Frequently asked questions
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Which is the key regulator of the Philippines insurance industry?
The Insurance Commission (IC) is the key regulator of the Philippines insurance industry.
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What are the other bodies that oversee the Philippines insurance industry?
The International Association of Insurance Supervisors (IAIS), Philippine Life Insurance Association (PLIA), Philippine Insurers and Reinsurers Association (PIRA), and Financial Stability Coordination Council (FSCC) are the regulatory and supervisory bodies that oversee the operations of the Philippines insurance industry.
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Which are the compulsory insurances required within the Philippines insurance industry?
Some of the compulsory insurances required within the Philippines insurance industry are motor third-party liability insurance, marine liability insurance, professional indemnity insurance, and social security insurance.
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What are the types of taxes imposed upon the Philippines insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in Philippines. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
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