Invest Daily Pro
  • Economy
  • Investing
No Result
View All Result
  • Economy
  • Investing
No Result
View All Result
Invest Daily Pro
No Result
View All Result
Home Top News

IC says only agents with regular license can sell insurance cover

by
November 21, 2024
in Top News
0
IC says only agents with regular license can sell insurance cover
0
SHARES
3
VIEWS
Share on FacebookShare on Twitter
BW FILE PHOTO

THE Insurance Commission (IC) has stopped issuing provisional licenses to insurance agents to protect consumers from fraud.

Only agents with regular licenses may sell policies to the public, Insurance Commissioner Reynaldo A. Regalado said in a circular on Thursday.

“Considering the procedure and evaluation period for the issuance of agents’ licenses under the Enhanced Licensing System, there is no longer a need for these provisional licenses,” he said. “The issuance of this circular letter is also part of the IC’s initiatives on consumer protection.”

Licenses of insurance agents are processed within seven working days based on the Ease of Doing Business and Efficient Government Service Delivery Act of 2018 and issuances by the Anti-Red Tape Authority.

The IC circular said life and nonlife insurers’ applications for an insurance agent’s license must be submitted with the required documents and correct licensing fees so they could be processed.

“We remind the insuring public to only transact with duly licensed insurance agents,” Mr. Regalado said, adding that payment of commissions to unlicensed agents is punishable under another IC circular.

He also urged public to report people without a license who transact or try to do business with them.

The Philippines had 261,422 life insurance and 16,274 nonlife insurance agents with active licenses as of Nov. 21, according to data posted by the commission on its website. — Aubrey Rose A. Inosante

ShareTweetPin

Related Posts

Have a taste of the perfect day in paradise with SULÀ Spirits
Top News

Have a taste of the perfect day in paradise with SULÀ Spirits

January 8, 2025
First months of 2025 likely rainy amid La Niña conditions, says PAGASA
Top News

First months of 2025 likely rainy amid La Niña conditions, says PAGASA

January 8, 2025
December inflation rises to 2.9%
Top News

December inflation rises to 2.9%

January 7, 2025
Outstanding debt hits fresh high of P16.09T
Top News

Outstanding debt hits fresh high of P16.09T

January 7, 2025
Outstanding debt hits fresh high of P16.09T
Top News

Outstanding debt hits fresh high of P16.09T

January 7, 2025
PHL end-December dollar reserves drop to $106.8B
Top News

PHL end-December dollar reserves drop to $106.8B

January 7, 2025
Next Post
Robinsons Retail plans to boost store count over next 5 years

Robinsons Retail plans to boost store count over next 5 years

Recommended

Metrobank second-quarter income up by 11.4%

Metrobank second-quarter income up by 11.4%

August 1, 2024
DMCI Mining sees nickel market recovery

DMCI Mining sees nickel market recovery

September 15, 2024
UnionBank’s Q3 earnings climb by 76%

UnionBank’s Q3 earnings climb by 76%

October 28, 2024
How I Find Up-trending Stocks Every Week (Step-by-Step Scan Tutorial)

How I Find Up-trending Stocks Every Week (Step-by-Step Scan Tutorial)

June 4, 2025
The flavors of Davao’s Kadayawan come alive at SM

The flavors of Davao’s Kadayawan come alive at SM

September 3, 2024
Automotive sales drive GT Capital’s Q3 income to P7.94B

Automotive sales drive GT Capital’s Q3 income to P7.94B

November 14, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 InvestDailyPro. All Rights Reserved.

    Disclaimer: InvestDailyPro.com, its managers, its employees, and assigns (collectively InvestDailyPro ) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
    The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    No Result
    View All Result
    • About us
    • Contact us
    • Home
    • Privacy Policy
    • Suspicious engagement
    • Terms & Conditions
    • Thank you

    Copyright © 2025 investdailypro.com | All Rights Reserved