What is the basic mandate of the Insurance Commission?

• To maintain surveillance over the insurance market.
• To promote and encourage sound and prudent insurance management and business practices.
• To advise the Minister responsible for insurance matters regarding the insurance market.

• Maintain insurer solvency.
• Compensate for inadequate consumer knowledge.
• Ensure reasonable rates.
• Make insurance available.

What is the primary focus of insurance regulators?

Therefore, the fundamental purpose of insurance regulatory law is to protect the public as insurance consumers and policyholders.

How are insurance companies regulated?

Insurance is regulated by the states. This system of regulation stems from the McCarran-Ferguson Act of 1945, which describes state regulation and taxation of the industry as being in “the public interest” and clearly gives it preeminence over federal law. Each state has its own set of statutes and rules.

What is insurance control?

Insurance loss control is a set of risk management practices designed to reduce the likelihood of claims being made against an insurance policy. Loss control involves identifying risks and is accompanied by voluntary or required actions a policyholder should undertake to reduce risk.

What do you mean by Insurance Regulation?

The Insurance Regulatory and Development Authority is the main organization or supervisory body that regulates the insurance sector in the country. It sets rules and regulations for the functioning of the insurance industry.

What are the regulated areas of the insurance industry?

Who is the head of Insurance Commission?

Funa is a Filipino lawyer, businessman, public official, law book author, professor of law, constitutionalist, and the current Commissioner of the Philippines' Insurance Commission. As a Filipino lawyer, he is the managing partner of a Metro Manila based law firm.

Who regulates insurance in the Philippines?

The main regulatory body is the Insurance Commission (IC), which comes under the Department of Finance (DoF) and is headed by the insurance commissioner.

How many insurance companies can an agent represent?

Agents are trained and licenced individuals, and as per the rules, can only represent one insurer from a sector. This means that an agent can sell policies of only one life, one non-life and one health insurance company.

Who is in charge of insurance companies?

A: The California Insurance Commissioner and his staff at the Department of Insurance, (“CDI”) are in charge of regulating insurance companies, agents, brokers, and public adjusters doing business in this state. There are laws and regulations in California that protect consumers against unfair insurance practices.

What may be insured against?

What may be insured? Any contingent or unknown event, whether past or future, which may damnify a person having an insurable interest, or create a liability against him, may be insured against, subject to the provisions of the Insurance Code.

What are the 3 main types of insurance?

What is the highest authority for Insurance Regulation?

The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories.

What is the main reason for regulating the insurance industry quizlet?

The purpose of regulating insurance company investments is to prevent insurers from making unsound investments which could threaten their solvency.

What does an insurance agent do on a daily basis?

The daily tasks of an insurance agent

Ensure all paperwork is filled out and properly filed in order to put policies in place. Customize insurance policies to meet your client's needs. Ensure all policy requirements are fulfilled. Inspect properties to evaluate current conditions and decide on potential risk.

What is the difference between agents and brokers in insurance?

Agents represent insurers, while brokers represent consumers. Agents can complete insurance sales (bind coverage), while brokers cannot.

What is insurance Act of the Philippines?

The short title of this Act shall be "The Insurance Act." SECTION 2. Insurance is a contract whereby one undertakes for a consideration to indemnify another against loss, damage, or liability arising from an unknown or contingent event.

Which government agency is tasked to regulate the insurance industry in the Philippines?

The INSURANCE COMMISSION ("IC") a government instrumentality duly created and organized under Republic Act No. 275 and authorized to supervise and regulate, (i) insurance business under Presidential Decree No. 1460, as amended by Republic Act No.

What is insurance law PDF?

Insurance is a contract between two parties whereby one party agrees to undertake the risk of another in exchange for consideration known as premium and promises to pay a fixed sum of money to the other party on happening of an uncertain event (death) or after the expiry of a certain period in case of life insurance or ...