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Home > Financial Services >  Insurance >  Philippines Insurance Industry – Governance, Risk and Compliance

Philippines Insurance Industry – Governance, Risk and Compliance

GlobalData’s ‘Philippines Insurance Industry – Governance, Risk and Compliance’ report is the result of extensive research into the insurance regulatory framework in Philippines.

It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

Key Highlights

– The IC governs the Philippine insurance industry.

– Non-admitted insurance is not permitted in the Philippine insurance industry except marine cargo imports and exports.

– 100% foreign direct investment (FDI) is permitted in the Philippine insurance industry.

– Composite insurance is prohibited in the Philippines.

– Key classes of compulsory insurance include motor third-party liability insurance and professional indemnity insurance for insurance brokers.

The report provides insights into the governance, risk, and compliance framework pertaining to the insurance industry in Philippines, including –

– An overview of the insurance regulatory framework in Philippines.

– The latest key changes, and changes expected in the country’s insurance regulatory framework.

– Key regulations and market practices related to different types of insurance product in the country.

– Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in the country.

– Key parameters including licensing requirements permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.

– Details of the tax and legal systems in the country.

Scope

– The report covers details of the insurance regulatory framework in Philippines.

– The report contains details of the rules and regulations governing insurance products and insurance entities.

– The report lists and analyzes key trends and developments pertaining to the country's insurance regulatory framework.

– The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.

– The report provides details of taxation imposed on insurance products and insurance companies.

Reasons to Buy

– Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.

– Gain insights into the insurance regulatory framework in Philippines.

– Track the latest regulatory changes, and expected changes impacting the Philippine insurance industry.

– Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.

– Understand key regulations and market practices pertaining to various types of insurance product.

Table of Contents

Table of Contents

PHILIPPINES

Legislation Overview

Supervision and Control

Legislation

Compulsory Insurance

Non-Admitted Insurance Regulations

Company Registration and Operation

License

Foreign Direct Investment / Ownership

Minimum Capital Requirements

Solvency Margins

Reserve Requirements

Statutory Return Requirements

Fee Structure

Taxation

Tax on Insurance Premium

Corporate Income Tax

Corporate Capital Gains Tax

Value Added Tax

Legal System

Alternative dispute resolution (ADR)

Policy Practice

About GlobalData

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List of Tables

List of Tables

The Philippines – Corporate Tax Rates for the Financial Year 2021

List of Figures

List of Tables

The Philippines – Corporate Tax Rates for the Financial Year 2021

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