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Philippines Insurance Industry - Governance, Risk and Compliance

Publisher GlobalData
Published May 28, 2025
Length 177 Pages
SKU # GBDT20204569

Description

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 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.

The report provides insights into the governance, risk, and compliance framework pertaining to the insurance industry in Philippines, including -
  • An overview of the insurance regulatory framework in 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 country.
  • 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.
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.
Scope
  • The report covers details of the insurance regulatory framework in 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
  • 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 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 products.

Table of Contents

177 Pages
PHILIPPINES
Legislation Overview
Supervision and Control
Legislation
Compulsory Insurance
Non-Admitted Insurance Regulations
Company Registration and Operation
License
Foreign Direct Investment / Ownership
Minimum Capital Requirements
Solvency Margins
Reserve Requirements
Statutory Return Requirements
Fee Structure
Taxation
Tax on Insurance Premium
Corporate Income Tax
Corporate Capital Gains Tax
Value Added Tax
Legal System
Policy Practice
About GlobalData
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List of Tables
Table 1: Bodily Injuries and Fractures
Table 2: Permanent Disablement
Table 3: Premiums for Motor Third-party Liability Insurance
Table 4: Benefits of Insurance Cover for Ship Passengers and Cargo
Table 5: Premium for Passenger Personal Accident Insurance
Table 6: Benefits of Passenger Personal Accident Insurance
Table 7: The Philippines – Treaty and Premium Cession Limits for Outward Reinsurance Arrangements for Non-life Insurers
Table 8: The Philippines – Insolvency Regulations
Table 9: The Philippines – Stamp Taxes on Life Insurance Policies - Group Life
Table 10: The Philippines – Stamp Taxes on Life Insurance Policies - Individual Life
Table 11: The Philippines – Stamp Taxes on Life Insurance Policies(Group Life)
Table 12: The Philippines – Stamp Taxes on Life Insurance Policies(Individual Life)
Table 13: The Philippines – Corporate Tax Rates for the Financial Year 2025
Table 14: The Philippines – Benefits of Passenger Personal Accident Insurance
Table 15: The Philippines – Benefits of Insurance Cover for Ship Passengers and Cargo
Table 16: The Philippines – Premiums for Motor Third-party Liability Insurance
Table 17: The Philippines – Premium for Passenger Personal Accident Insurance
Table 18: The Philippines – Premiums for Reserve Computation

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