Most insurers compliant with IC order

A total of 131 insurance providers complied with the Insurance Commission (IC)’s directive to submit a complete inventory of their products and service offerings, ensuring regulatory compliance and transparency in the industry.

- By MARCO LUIS BEECH

“This is in line with the commission’s efforts to ensure that entities are not allowed to offer products unapproved by the commission, as strengthened by the implementation of the Financial Products and Services Consumer Protection Act,” the regulator said.

The directive encompasses all entities under the IC’s supervision, including life, non-life and composite insurers. It also includes mutual benefit associations (MBA), health maintenance organizations (HMO) and pre-need companies offering various insurance-related services.