All accredited insurance providers and insurance intermediaries are hereby enjoined to apply strictly the prescribed premium rates summarized in Annex A hereof. Further, the agent ™s commission for procuring the said coverage shall in no case exceed twenty per centum (20%) of the amount of the premiums therefore.

For violations of the prescribed rates, this Commission shall, after due notice and hearing, impose a fine of P500.00 per certificate per day and immediately revoke the accreditation and license issued to the insurance provider and/or the agent concerned.

For strict compliance.

Adopted: 07 December 2010


(SGD.) VIDA T. CHIONG
Deputy Insurance Commissioner
Officer-In-Charge




Table of Premiums for the Compulsory Insurance Coverage for Agency-Hired Migrant Workers Under RA 10022

 

Coverage Period		Gross Premium (US$)
		Land-based		Sea-based
	1 month		6.80		9.45
	2 months		13.60		18.90
	3 months		20.40		28.35
	4 months		27.20		37.80
	5 months		34.00		47.25
	6 months		40.80		56.70
	7 months		42.00		58.33
	8 months		48.00		66.67
	9 months		54.00		75.00
	10 months		60.00		83.33
	11 months		66.00		91.67
	1 year		72.00		100.00
	2 years		144.00		200.00
	n years		72 (n)		100 (n)