Philippines ends provisional insurance licenses

The commission wants to ensure that agents with regular licenses are allowed to sell.

The Philippines’ Insurance Commission (IC) issued Circular Letter No. 2024-21 last 21 October, making provisional insurance agents' licenses inoperative.

Insurance Commissioner Reynaldo A. Regalado stated that the move aims to strengthen consumer protection by ensuring only agents with regular licenses are authorised to transact with the public.

He explained that the ELS's streamlined procedures eliminate the need for provisional licenses, as agents’ licenses are now processed within seven working days under the Ease of Doing Business Act (Republic Act No. 11032) and related regulations.

The circular reminds insurers that applications for agents' licenses must include complete documentation and the payment of fees.

It reiterates that acting as an insurance agent without a valid license is prohibited and that commissions paid to unlicensed agents are punishable under CL No. 2014-15.

Commissioner Regalado urged the public to only deal with licensed agents and report unauthorised individuals attempting to transact insurance business.

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