IC orders firms to disclose offerings

MANILA, Philippines — The Insurance Commission (IC) has directed all insurance companies and related entities under its supervision to submit a complete inventory of their products and services.

The order covers all IC-regulated Entities, including life, non-life and composite insurance companies. It also includes mutual benefit associations, health maintenance organizations and pre-need companies.

“All IC-regulated entities shall fully accomplish and submit their product inventory using the appropriate Product Inventory Report template, duly certified by the company’s President and/or CEO,” the insurance regulator said.

This directive aligns with consumer protection measures under Republic Act 11765, also known as the Financial Products and Services Consumer Protection Act (FCPA), ensuring transparency and accountability in the insurance sector.

IC emphasized that the FCPA requires regulated entities to ensure their offerings are suitable, affordable and appropriate for their intended market, while maintaining transparency and accountability.

The insurance regulator said such information is vital for market conduct surveillance, providing a comprehensive overview of the current market landscape to promote transparency and ensure financial products are suitable for consumers.

“The FCPA highlights the importance of market conduct surveillance and examination as integral to consumer protection, encouraging IC-regulated entities to continuously evaluate their offerings and to promote fair market conduct,” IC added.

All regulated entities are required to submit an inventory of all products approved as of June 30 to the insurance regulator by Sept. 15.

The report requires submission of key product details, including marketing name, a brief description of features and benefits, approval date and type, either individual or group. It must also indicate the current status, whether open, closed, temporarily suspended or discontinued.

This comes after the regulator reported that the health maintenance organization industry doubled its earnings to P1.47 billion in the first half from P636.6 million a year ago.

Insurance premiums to the gross domestic product inched slightly in the second quarter of this year by 1.8 percent, the IC also said.

Life insurance accounted for the bulk, with premiums climbing by 12 percent to P195 billion from P174.1 billion in 2024. Meanwhile, non-life insurance posted even faster growth, with net premiums written jumping by over 20 percent to P39.6 billion. Last year, it only posted P32.89 billion.

atus, whether open, closed, temporarily suspended or discontinued.

This comes after the regulator reported that the health maintenance organization industry doubled its earnings to P1.47 billion in the first half from P636.6 million a year ago.

Insurance premiums to the gross domestic product inched slightly in the second quarter of this year by 1.8 percent, the IC also said.

Life insurance accounted for the bulk, with premiums climbing by 12 percent to P195 billion from P174.1 billion in 2024. Meanwhile, non-life insurance posted even faster growth, with net premiums written jumping by over 20 percent to P39.6 billion. Last year, it only posted P32.89 billion.