113-B MARKETING, SALE AND SERVICING OF MICROINSURANCE PRODUCTS BY THRIFT BANKS1
a. Copy of the approval of the bank’s board of directors on the presentation, sale and servicing (i.e., collect premiums and pay claims) of microinsurance products;
b. Copy of duly executed written agreement between the bank and the insurance provider on the presentation, sale and servicing by the bank of the financial products of the latter, including the terms of compensation for the services;
c. Copy of the letter of approval from the Insurance Commission covering each of the microinsurance product to be marketed or sold by the bank;
d. Copy of the corresponding Certificate of Authority from the Insurance Commission of the insurance provider/s issuing the microinsurance products to be marketed or sold; and
e. Bank’s license from the Insurance Commission as a microinsurance agent or broker, as may be applicable 5.
f. Certification from the bank president that he/she ascertained and will ensure continuing compliance with the following:
(1) The product is authorized for cross selling under existing Bangko Sentral rules and regulations;
(2) The microinsurance product is approved by the Insurance Commission and issued by an entity duly licensed and held in good standing by the Insurance Commission;
(3) The bank conducted product due diligence to be suitable to its customers;
(4) The organic, informational and promotional materials for the microinsurance products comply with Bangko Sentral requirements; and
(5) The bank personnel concerned has undertaken the necessary training and passed the qualifying examination for the presentation and sale of microinsurance products, in compliance with the requirements set forth by the Insurance Commission on marketing personnel for insurance products.
g. A letter of undertaking from the bank president that he/she will ensure the retention of the following:
(1) Copies of the latest Certificate of Authority from the Insurance Commission covering all insurance companies whose microinsurance products are being marketed or sold by the bank;
(2) Copies of the letters of approval from the Insurance Commission covering all the microinsurance products to be marketed or sold;
(3) Bank’s license from the Insurance Commission as a microinsurance agent or broker or in lieu of a bank’s license as a microinsurance agent or broker, copies of the license from the Insurance Commission covering all its marketing personnel for microinsurance products; and
h. Such other information that may be required by the Bangko Sentral.
- Insurance Commission (IC) issued Circular Letter (CL) No. 2015-54 dated 16 October 2015 requiring the adoption and implementation of the Enhanced Microinsurance Regulatory Framework
- Dated 29 January 2010
- Dated 25 October 2006
- Dated 29 January 2010
- To act as a microinsurance agent of an authorized insurance provider, a bank needs to acquire the appropriate license from the lC. The requirements for such application consist of: (i) attendance in prescribed microinsurance training course and passing the qualifying examination at the end of the course; and (ii) amending a bank’s articles of incorporation (AOl). In view of the latter requirement, applicant banks shall amend their AOI by including a secondary purpose of acting as a microinsurance agent, and shall submit simultaneously the amended AOI to the appropriate Bangko Sentral office and the lC. (See lC Memo Circular No. 6-2011 dated 15 February 2011)