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Governance, Risk and Compliance - The Philippine Insurance Industry

Governance, Risk and Compliance - The Philippine Insurance Industry


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Executive Summary

Timetric's Governance, Risk and Compliance - The Philippine Insurance Industry report is the result of extensive research into the insurance regulatory framework in the Philippines.

It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

Summary

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in the Philippines, including:

An overview of the insurance regulatory framework in the Philippines.

The latest key changes, and changes expected in the country's insurance regulatory framework.

Key regulations and market practices related to different types of insurance product in the country.

Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in the Philippines.

Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.

Details of the tax and legal systems in the country.

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 pertaining to the country's insurance regulatory framework.

The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.

The report provides details of taxation imposed on insurance products and insurance companies.

Reasons To Buy

Gain insights into the insurance regulatory framework in the Philippines.

Track the latest regulatory changes, and expected changes impacting the Philippine 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 product.

Key Highlights

The Philippine insurance industry is governed by the Insurance Commission.

Non-admitted insurance is not permitted in the Philippine insurance industry except in case of marine cargo imports and exports.

100% foreign direct investment (FDI) is permitted in the Philippine insurance industry.

Composite insurance is not permitted in the Philippines.

Key classes of compulsory insurance include motor third-party liability insurance and professional indemnity insurance for insurance brokers.

1 Introduction

1.1 What is this Report About?

1.2 Definitions

2 Governance, Risk and Compliance

2.1 Legislation Overview and Historical Evolution

2.2 Latest Changes in Regulations

2.3 Legislation and Market Practice by Type of Insurance

2.3.1 Life insurance

2.3.2 Property insurance

2.3.3 Motor insurance

2.3.4 Liability insurance

2.3.5 Marine, aviation and transit insurance

2.3.6 Personal accident and health insurance

2.4 Compulsory Insurance

2.4.1 Motor third-party liability insurance

2.4.2 Worker's compensation

2.4.3 National health insurance

2.5 Supervision and Control

2.5.1 International Association of Insurance Supervisors

2.5.2 The Insurance Commission

2.5.3 The Philippine Life Insurance Association

2.5.4 The Philippine Insurers and Reinsurers Association

2.6 Non-Admitted Insurance Regulations

2.6.1 Overview

2.6.2 Intermediaries

2.6.3 Market practices

2.6.4 Fines and penalties

2.7 Company Registration and Operations

2.7.1 Types of insurance organization

2.7.2 Establishing a local company

2.7.3 Foreign ownership

2.7.4 Types of license

2.7.5 Capital requirements

2.7.6 Solvency margins

2.7.7 Reserve requirements

2.7.8 Investment regulations

2.7.9 Statutory return requirements

2.7.10 Fee structure

2.8 Taxation

2.8.1 Insurance premium or policy taxation

2.8.2 Withholding taxes on premium paid overseas

2.8.3 Corporate tax

2.8.4 VAT

2.8.5 Captives

2.9 Legal System

2.9.1 Introduction

2.9.2 Access to court

2.9.3 Alternative dispute resolution

3 Appendix

3.1 Methodology

3.2 Contact Timetric

3.3 About Timetric

3.4 Timetric's Services

3.5 Disclaimer

Figure 1: The Philippines - Insurance Supervision and Control at Various Levels

Figure 2: The Philippines - Insurance Regulatory Frameworks for Company Registration and Operation

Table 1: Insurance Industry Definitions

Table 2: The Philippines - Insurance Regulatory Framework Key Features

Table 3: The Philippines - Life Insurance Regulatory Framework

Table 4: The Philippines - Property Insurance Regulatory Framework

Table 5: The Philippines - Motor Insurance Regulatory Framework

Table 6: The Philippines - Liability Insurance Regulatory Framework

Table 7: Philippines - Treaty and Premium Cession Limits for Outward Reinsurance Arrangements for Non-life Insurers

Table 8: Philippines - Insolvency Regulations

Table 9: The Philippines - Stamp Taxes on Life Insurance Policies

Table 10: The Philippines - Corporate Tax Rates for the Financial Year 2015

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Lloyd's

Sun Life Assurance

Yek Tong Lin Fire

Marine Insurance Company

Insular Life Assurance Company

Philippines Prudential Life Insurance Company Inc.

Pioneer Life Inc.

First Life Financial Company Inc.

Malayan Insurance Company Inc.

Prudential Gtee. & Assce. Inc.

Standard Insurance Company Inc.

General Assurance Corporation

Paramount Life & General Insurance Corporation

The National Reinsurance Corporation

Insurance

Governance, risk and compliance

Regulatory framework

Life insurance

Property insurance

Motor insurance

Liability insurance

Marine, aviation and transit insurance

Personal accident and health insurance

Compulsory insurance

Licensing requirements

Minimum capital requirements

Solvency requirements

Non-admitted insurance

Reserve requirements

Investment regulations

Licensing fee

Authorization fee

Risk-based capital framework

Accounting standards

Returns requirement

Consumer protection

Law

Regulation

Act

Tax

Insurance premium tax

Corporate tax

VAT

Legal system

Court system


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