Banks can soon sell 3rd-party insurance

Banks are set to move away from serving only clients of their affiliated insurers, as the Bangko Sentral ng Pilipinas (BSP) is rolling out amended bancassurance guidelines that will allow third-party insurers to sell their products to banks’ customers.

- By DERCO ROSAL

“A draft circular amending the cross-selling guidelines is currently being finalized to consider the inputs we received from various stakeholders. It is targeted for issuance this 2025,” BSP Deputy Governor Bernadette Romulo-Puyat told reporters on the sidelines of the 75th anniversary event of the Philippine Life Insurance Association (PLIA) on Tuesday night, July 30.