Professional Documents
Culture Documents
The Insurance Commission is a government agency under the Department of Finance. The Commission supervises and
regulates the operations of life and non-life companies, mutual benefit associations, and trusts for charitable uses. It
issues licenses to insurance agents, general agents, resident agents, underwriters, brokers, adjusters and actuaries. It
has also the authority to suspend or revoke such licenses.
Why does the Government supervise the operations of insurance companies and their
representatives?
Insurance business exists to serve the public. It is therefore charged with public interest
What is the address of the Insurance Commission?
The Insurance Commission is located at 1071 United Nations Avenue, Ermita, Manila, with Tel. # 523-84-61 up to 70
(Trunk Line), 525-20-15 (Office of the Insurance Commissioner), 524-47-84 (Office of the Deputy Commissioner), Fax #
522-14-34, and E-mail ocom@insurance.gov.ph.
Who heads the Insurance Commission?
Insurance Commissioner Atty. Emmanuel F. Dooc
Does the Commission have the power to adjudicate insurance claims and complaints
involving any loss, damage or liability?
Yes. The Insurance Code, as amended, empowers the Commission to adjudicate insurance claims and complaints
involving
any
loss,
damage
or
liability
where
the
amount
involved
does
not
exceed
P 100,000.00 for any single claim. Decisions or orders of the Insurance Commission may be appealed to the Appelate
Courts.
What other complaints can be filed with the Commission?
Informal and administrative complaints against malpractices of insurance companies or agents may also be filed with the
Commission. The Commission is ready at all times to render assistance in settling any controversy between an
insurance company and a policyholder relating to insurance.
Are pre-need companies offering memorial service plans, educational plans and pension
plans fall under the jurisdiction of the Insurance Commission?
Yes, pre-need companies offering products similar to insurance are now under the jurisdiction of the Insurance
Commission by virtue of Republic Act No. 9829 known as the Pre-Need Code of the Philippines as approved on
December 3, 2009.
What are the minimum qualifications required of applicants for insurance agents
examination?
They must be of good moral character and must not have been convicted of any crime involving moral turpitude and
also have been trained in the kind of insurance presently contemplated in the license applied for.
Who may be exempted from taking the agents examination?
+ One who holds a valid and subsisting certificate of authority issued by the Commissioner
+ One who has successfully completed an academic course and/or training program satisfactory to the Insurance
Commissioner, in the kind or kinds of insurance contemplated in the license applied for
+ One who, because of his previous connection with any insurance company, or with any office or firm handling
insurance matters is found by the Insurance Commissioner to be trustworthy and competent to transact the business
contemplated in the license applied for.
Who may be insured?
Anyone except a public enemy may be insured
What may be an insurable interest in life insurance consist of?
Every person has an insurable interest in the life and health:
+ Of himself, of his spouse and his children;
+ Of any person on whom he depends wholly or in part for education or support; or in whom he has a pecuniary interest;
+ Of any person under legal obligation to him for the payment of money, or respecting property or services, of which
No, the value of the property should be determined by the insured, rather than the agent. However, the
agent should guard as far as possible against over insurance and should check the amount of insurance
in relation to the actual value with the insured.
What are the effects of non-payment of premium?
Forfeiture of all rights under the policy.
What is Compulsory Motor Vehicle Liability Insurance?
The Insurance Code (as amended) requires this coverage for the registration of motor vehicles. This
insurance covers passengers or third parties who may be killed or injured as a result of accidents arising
from the use of operation of such vehicles. The maximum amount of benefit under this policy is
P100,000.00
What is the meaning of Authorized Driver in a motor vehicle policy?
An authorized driver within the meaning of the policy is any of the following:
+ The insured; or
+ Any person driving on the Insureds order or with his permission.
What is the purpose of the errors and omissions insurance policy (professional liability or
professional indemnity policy) required of insurance or reinsurance broker before a license
could be issued.
To indemnify the applicant against any claim for breach of duty as insurance broker or reinsurance broker,
as the case may be, which may be available against such applicant by reason of any negligent act, error
or omission.