Market Research Logo

Governance, Risk and Compliance - The Philippines Insurance Industry

Governance, Risk and Compliance - The Philippines Insurance Industry

Synopsis

Timetric’s 'Governance, Risk and Compliance - The Philippines 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 operations 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, recent and upcoming changes in 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 Philippines 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 GRC parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency requirements, reserve requirements, and investment regulations.
  • Details of the tax and legal systems in the country.
Scope
  • This report covers details of the insurance regulatory framework in the Philippines.
  • The report contains details of rules and regulations governing insurance products and insurance entities.
  • The report lists and analyzes key trends and developments pertaining to the Philippines insurance regulatory framework.
  • The report analyzes rules and regulations pertaining to the establishment and operation of insurance business in the country.
  • The report provides details of taxation imposed on insurance products and companies.
Reasons To Buy
  • Gain insights into the insurance regulatory framework in the Philippines.
  • Track latest regulatory changes and expected changes impacting the Philippines insurance industry
  • Gain detailed information about key regulations governing the establishment and operation of insurance entities in the country
  • Understand key regulations and market practices relating to various types of insurance product.
Key Highlights
  • The Philippines insurance industry is governed by the Insurance Commission.
  • Non-admitted insurance is not permitted in the Philippines insurance industry except in case of marine cargo imports and exports.
  • 100% FDI is permitted in the Philippines insurance industry.
  • Proposal to establish earthquake catastrophe insurance pool by 2015.
  • Amendments to the Insurance Code were made in 2013.
  • The minimum capital requirement for insurers was increased in 2013.


  • Introduction
    • What is this Report About?
    • Definitions
      • Table Insurance Industry Definitions
  • Governance, Risk and Compliance
    • Table Philippines - Insurance Regulatory Framework Key Features
    • Legislation Overview and Historical Evolution
    • Latest Changes in Regulations
    • Legislation and Market Practice by Type of Insurance
      • Life insurance
        • Table Philippines - Life Insurance Regulatory Framework
      • Property insurance
        • Table Philippines - Property Insurance Regulatory Framework
      • Motor insurance
        • Table Philippines - Motor Insurance Regulatory Framework
      • Liability insurance
        • Table Philippines - Liability Insurance Regulatory Framework
      • Marine, aviation and transit insurance
      • Personal accident and health insurance
    • Compulsory Insurance
      • Motor third-party liability insurance
      • Worker's compensation
      • National health insurance
    • Supervision and Control
      • International Association of Insurance Supervisors
      • The Insurance Commission
    • Non-Admitted Insurance Regulations
      • Overview
      • Intermediaries
      • Market practices
      • Fines and penalties
    • Company Registration and Operations
      • Types of insurance organization
      • Establishing a local company
      • Foreign ownership
      • Types of license
      • Capital requirements
      • Solvency margins
      • Reserve requirements
      • Investment regulations
      • Statutory return requirements
      • Fee structure
    • Taxation
      • Insurance premium or policy taxation
        • Table Philippines - Stamp Taxes on Life Insurance Policies
      • Withholding taxes on premium paid overseas
      • Corporate tax
        • Table Philippines - Corporate Tax Rates for the Financial Year 2015
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution (ADR)
  • Appendix
    • Methodology
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

Download our eBook: How to Succeed Using Market Research

Learn how to effectively navigate the market research process to help guide your organization on the journey to success.

Download eBook

Share this report