#ENGAGEX INSURANCE PROSPECTING LICENSE#
#ENGAGEX INSURANCE PROSPECTING WINDOWS#

Insurers can share information with insurance agents/brokers and vice versa, with the consent of customers.

#ENGAGEX INSURANCE PROSPECTING WINDOWS#

Google Play, and Microsoft Windows Marketplace).Īn insurance policy issued online must comply with the pertinent provisions of the Electronic Commerce Act and IC regulations. The mobile application should be registered with a major digital platform (eg, Apple lnc. The use of a mobile application requires prior approval of the IC.

The IC requires insurers to, among others, (1) make available online: sufficient, accurate and current information regarding the insurer and the insurance policy/ies (2) highlight the exclusions and limitations of a policy and ask customers to confirm that they have read and understood such exclusions and limitations (3) in case of variable life insurance products, refer the customer to a licensed agent or intermediary for servicing and product advice prior to the execution or issuance of the variable life contract online and (4) provide a summary of the application form for further validation, prior to requesting a customer to signify consent. Insurers may engage in electronic commerce (ie, buying, selling or providing insurance products and services online) in accordance with IC Circular Letter No. The bancassurance agreement must be approved by the IC, and the bank must be authorized by the Philippine Central Bank to engage in cross-selling. Under a bancassurance arrangement, an insurance company is allowed to present and sell insurance products to bank customers within the premises of local banks. Telemarketers engaged by insurance brokers shall only beĪllowed to conduct preliminary introduction and presentation of insurance products. On the other hand, a telemarketer that is not an IC-licensed insurance agent is allowed to conduct only preliminary introduction and presentation of insurance products. A telemarketer that is an IC-licensed agent may solicit and/or sell insurance product/s and receive appropriate commission for such sale. Telemarketers engaged by insurance companies may or may not be IC-licensed insurance agents. 2016-61, insurance companies and their brokers/agents are allowed to introduce, present and sell insurance products via telemarketing subject to the guidelines and requirements of the IC.

#ENGAGEX INSURANCE PROSPECTING LICENSE#

A licensed non-life insurance agent can represent up to seven non-life companies.Īn insurance broker/agent license must be renewed every three years. A licensed life insurance agent can represent only one life insurance company and, in case of transfer from one life insurance company to another, the agent is required to submit an application to the IC. An insurance agent license issued to an entity authorizes only the individuals named in its IC license.

On the other hand, an insurance agent must be a resident of the Philippines and pass a qualifying examination conducted by the IC.

In order to be issued a license, a brokerage company must have a qualified and approved soliciting official. A person (such as an individual, partnership or corporation) must file an application for an insurance broker or insurance agent in the IC and pay the corresponding application fees in order to be licensed.Īn insurance broker must comply with the minimum paid-up capital of PHP 20 million for an insurance broker, or PHP 50 million for both an insurance and reinsurance broker. Third-party intermediaries who assist in the solicitation or procurement of admitted insurance products include insurance brokers and insurance agents licensed by the Insurance Commission (IC). Is it mandatory for insurers to offer customers the option of purchasing insurance products directly from them without going through financial advisers or intermediaries?ĭo agreements between insurers and their agents need to take a certain form?Ĭan insurers pay volume-based commission to their appointed agents?Īre insurers liable for any mis-selling of its agents or appointed distributors?Īre there rules on the number of insurers that insurance brokers need to present to their customers?Ĭan insurance brokers receive commission from both insurers and their customers? If so, can they be volume-based commission?Ĭan agents or appointed distributors offer rebates on insurance premiums or other special concessions to the customers?Ĭan insurers appoint offshore agents or accept business from offshore brokers?Īre there specific requirements on selling products through call centers, telemarketing or other distribution channels?Īre there specific requirements on selling products through online channels?Ĭan insurers share client information with insurance agents and brokers and vice versa? What data privacy or confidentiality laws apply? What are the different types of insurance intermediaries in the market and do they need to hold any licenses and minimum qualification to conduct business?

Engagex insurance prospecting