Thursday, November 23, 2017

Philippines

Philippines protection gap valued at US$300bn

Philippines protection gap valued at US$300bn

Many Filipinos are still not covered and the industry is not focused on selling protection at present.

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Philippine lawmakers back lower taxes on non-life insurance

Philippine lawmakers back lower taxes on non-life insurance

Hopes are high that proposals to reduce taxes imposed on non-life insurance in the Philippines will eventually be approved.

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Philippines’ mandatory nat-cat insurance under review

Philippines’ mandatory nat-cat insurance under review

The Philippines’ Insurance Commission will review the proposed compulsory catastrophe insurance cover.

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Proposed tax hike will harm Philippine insurers

Proposed tax hike will harm Philippine insurers

The industry will face another challenge if plans to increase value-added tax from 12% to 15% go ahead.

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Philippines optimistic amid weak financial markets

Philippines optimistic amid weak financial markets

Insurance authorities in the country remain bullish that the domestic industry will not be affected.

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Philippine deposit insurer issues warning

Philippine deposit insurer issues warning

The insured status of institutions that engage in unsafe deposit-related banking practices will be terminated.

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HMOs want to renegotiate Philippines guidelines

HMOs want to renegotiate Philippines guidelines

An industry group says the new requirements are too stiff given that this is the first time they are being imposed.

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Philippines to develop new mortality table

Philippines to develop new mortality table

The regulator will develop an updated table consistent with current underwriting and marketing practice.

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New rules in licensing Philippine HMOs due soon

New rules in licensing Philippine HMOs due soon

The new guidelines will be out by the end of August, according to the Insurance Commission.

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Philippine insurance adjustment open for foreigners

Philippine insurance adjustment open for foreigners

The lifting of a foreign investment ban is seen as a way to encourage competition and best practices.

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Philippines court upholds liquidation ruling on Prudentialife

Philippines court upholds liquidation ruling on Prudentialife

The company will have to continue paying claims to policyholders, four years after it was put into receivership.

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Capital requirement for Philippine insurers to double

Capital requirement for Philippine insurers to double

All existing insurers will have to increase their minimum capital to Ps550 million by the end of 2016.

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Capital rules not costly for Philippine HMOs, says IC

Capital rules not costly for Philippine HMOs, says IC

Higher paid-up capital unlikely to translate into higher costs, according to the Insurance Commission.

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Philippines to implement bill of rights for policyholders

Philippines to implement bill of rights for policyholders

The insurance regulator is beefing up efforts to protect clients with the implementation of standardised rights.

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AIA hires new CEO in the Philippines

AIA hires new CEO in the Philippines

Ariel Cantos will head the business after Axel Bromley relocated to the US for personal reasons.

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Five Philippine non-life insurers set to merge

Five Philippine non-life insurers set to merge

Unable to raise enough paid-up capital required by the regulator, the P&C firms are set to tie up before year-end.

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Philippines insurers push for VAT removal

Philippines insurers push for VAT removal

The Philippine Insurance Commission has urged the government to reconsider value-added tax proposal.

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Philippine regulator issues bill of rights

Philippine regulator issues bill of rights

Insurance companies operating in the Philippines will now have to observe the Bill of Rights for Policyholders.

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