Philippines Insurance Industry is Governed by the Insurance Commission

Date: 2015-09-07

“• The Philippines insurance industry is governed by the Insurance Commission.

• Non-admitted insurance is not permitted in the Philippines insurance industry except in case of marine cargo imports and exports.

• 100% FDI is permitted in the Philippines insurance industry.

• Proposal to establish earthquake catastrophe insurance pool by 2015.

• Amendments to the Insurance Code were made in 2013.

• The minimum capital requirement for insurers was increased in 2013.”

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