[ IC Circular Letter No. 2015-12, March 18, 2015 ]
DIRECTING THE PROPER IDENTIFICATION OF INSURANCE AGENTS FOR THE BENEFIT OF THE PUBLIC
Date Filed: 01 April 2015
It has been noted that the non-inclusion by some insurance agents and general agents of the descriptive word insurance agency or insurance agents in their business/corporate name has caused or may cause confusion among the insuring public.
Hence, in order for an application for issuance or renewal of an insurance agent s license be granted by this Commission, all insurance agents and general agents doing or intending to do business in the Philippines are hereby directed to:
| a) |
include the phrase insurance agency , insurance general agency ,or insurance agents in their business/corporate name upon registration with the Securities and Exchange Commission (SEC) or the Department of Trade and Industry (DTI); OR |
| b) |
place the phrase Authorized by the Insurance Commission to act as an Insurance Agent (or General Agent as the case may be) beside or below the corporate/company name to appear in all letterheads, official documents, communications, papers, company signages, and other similar materials. Such phrase need not be indicated in their SEC or DTI registration papers. |
Those already licensed to act as agents shall comply with this Circular not later than six (6) months from effectivity of this Circular. The applicant may decide which of the two options above it chooses to comply with.
Non-compliance shall subject the violator to a fine of Ten Thousand Pesos (P10,000.00).
This Circular Letter shall take effect immediately.
For your information and guidance.
Insurance Commissioner