Life insurers, regulator back 60-day payment grace period under Bayanihan 2
MANILA, Philippines — Life insurers and the insurance regulator on Sunday said they support the moves in Congress for a payment moratorium of only up to 60 days under the…
COVID-19 claims show low insurance penetration in PH, say life insurers
The “small” number of COVID-19 claims to date reflected low insurance penetration in the country, according to life insurers. At an online press briefing last week, AIA Philam Life chief…
IC to regulate insurers’ dividend payouts to conserve capital
To conserve insurers’ capital amid the COVID-19 crisis, the Insurance Commission (IC) will regulate dividend payouts this year. Insurance Commissioner Dennis B. Funa issued Circular Letter (CL) No. 2020-66 on…
IC raises ceiling for insurers’ financial assistance to employees
The Insurance Commission (IC) has provided additional regulatory relief amid the COVID-19 crisis, this time allowing insurers to set aside a bigger chunk of their net worth for loans and…
Amid ECQ, life insurers gain from online sales as more customers want COVID-19 protection
While the enhanced community quarantine (ECQ) stopped face-to-face sales of life products, insurers gained from the regulatory relief allowing nontraditional transactions mostly made online as well as greater interest among…
IC gives life insurers more time to sell online amid COVID-19 crisis
MANILA, Philippines — In light of the two-week extension of the ongoing enhanced community quarantine until April 30, the Insurance Commission (IC) has given life insurers more time to sell…
IC issues guidelines to protect health insurers, HMO professionals at work during lockdown
MANILA, Philippines — While those who work for health insurance providers and health maintenance organizations (HMOs) have been exempted from the movement restrictions during the COVID-19 lockdown, the Insurance Commission…