TACLOBAN CITY-The Insurance Commission (IC) is eyeing to formalize unlicensed insurance providers in the country by the end of the year citing the need to protect the poor’s insurance investment.
Leyte Gov. Jericho “Icot” Petilla dons on his other cloak of responsibility as Regional Development Council (RDC) Chairman for Region 8 as he guested recently over AAC-VL Teleradyo with anchors Rollie Montilla and Louie Quebec. Petilla scholarly discussed the main thrusts of the council : eco-tourism, ICT and agri-business. (BERT MALATE/PMRC)
Ma. Lourdes Ramos of the IC’s public assistance information division said that they have been stepping up the enforcement of joint memorandum circular agreed by officials of IC, Cooperative Development Authority (CDA) and Securities and Exchange Commission (SEC), which defines government’s policy on informal insurance activities.
“Unlicensed insurance activities are usually done by cooperatives. These are the group that thinks that it’s okay to do that. We want them to be formalized, place them on the mainstream and regulate their activities,” said Ramos in an interview during the three-day financial literacy roadshow on microinsurance in this city.
Under the joint IC-CDA-SEC memorandum circular issued January 29, 2010, all entities engaged in insurance activities are required to secure a certificate of authority from IC.
These activities include contributions and premiums regularly collected prior to the occurrence of contingent event and guaranteed benefits provided upon the occurrence of a contingent event.
“The purpose is good but the risk is high. What if funds will run out? We want to protect the interest of its members by regulating their activities. That way, clients are assured that they will get the right claims,” Ramos explained.
IC has urged unlicensed insurance firms to partner with insurance providers as agents or brokers.
Department of Finance – National Credit Council (DOF-NCC) deputy executive director Joselito
Almario disclosed that 2.9 million of Filipinos who have been paying insurance premium have some form of risk, because they are covered by informal insurance schemes not certified by IC.
“Formalizing this unlicensed insurance .providers will help people appreciate the importance of securing insurance and that they are assured of benefits,” Almario said.
Under the circular, those unlicensed insurance providers were directed to secure a certificate of authority from IC. (Sarwell Q. Meniano)
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