Philippines Insurance Industry - Governance, Risk and Compliance

Philippines Insurance Industry - Governance, Risk and Compliance

Summary

GlobalData’s 'Philippines Insurance Industry - Governance, Risk and Compliance' 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 GlobalData’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.

Key Highlights

  • The IC governs the Philippine insurance industry.
  • Non-admitted insurance is not permitted in the Philippine insurance industry except marine cargo imports and exports.
  • 100% foreign direct investment (FDI) is permitted in the Philippine insurance industry.
  • 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.
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.


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 Regulation
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 Personal accident insurance for public transport vehicles and ferry operators
2.4.3 Insurance cover for ship passengers and cargo
2.4.4 Worker’s compensation
2.4.5 National health insurance
2.4.6 Insurance cover for overseas Filipino workers
2.4.7 Professional indemnity insurance for insurance and reinsurance brokers
2.4.8 Civil liability insurance for businesses
2.4.9 Liability for ships with respect to oil pollution
2.4.10 Cover for agency-hired workers
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 Type 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 margin
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 (ADR)
3 APPENDIX
3.1 Methodology
3.2 Contact GlobalData
3.3 About GlobalData
3.4 GlobalData’s Services
3.5 Disclaimer
List of Tables
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: The Philippines - Premiums for Motor Third-party Liability Insurance5
Table 8: The Philippines - Premium for Passenger Personal Accident Insurance
Table 9: The Philippines - Benefits of Passenger Personal Accident Insurance
Table 10: The Philippines - Benefits of Insurance Cover for Ship Passengers and Cargo
Table 11: The Philippines - Premiums for Reserve Computation
Table 12: The Philippines - Treaty and Premium Cession Limits for Outward Reinsurance Arrangements for Non-life Insurers
Table 13: The Philippines - Financial Strength Rating
Table 14: The Philippines - Insolvency Regulations
Table 15: The Philippines - Stamp Taxes on Life Insurance Policies
Table 16: The Philippines - Corporate Tax Rates for the Financial Year 2020
List of Figures
Figure 1: The Philippines - Insurance Supervision and Control at Various Levels
Figure 2: The Philippines - Insurance Regulatory Frameworks for Company Registration and Operation

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