Philippines: Regulator cuts red tape for insurers
Source: Asia Insurance Review | Jan 2020
The Insurance Commission (IC) has reduced documentation requirements for insurance companies as part of efforts to cut red tape.
Insurance commissioner Dennis Funa recently signed a circular eliminating clearances from the National Bureau of Investigation, police and other law enforcement agencies from the documentation requirements to be submitted by insurers to the IC.
Clearances from law enforcement agencies will not be required for the purpose of determining fitness and propriety of an insurance firm’s administrators. The documents will also not be needed in applications for acquisition of control over any domestic insurance company and for issuance or renewal of an adjuster’s licence.
The IC says that it is now incumbent upon regulated entities to conduct a background check on their respective directors, officers, employees, agents, brokers, adjusters and other personnel.
Mr Funa clarified that the new circular does not prohibit insurance companies from requiring such documentation from prospective employees or appointees. A