The Insurance Commission

The Insurance Commission (IC) is one of the attached agencies of the Department of Finance.  It is mandated to regulate and supervise the operations of life and non-life companies, mutual benefit associations, and trusts for charitable uses in accordance with the provisions of the Insurance Code in order to:

• Ensure that adequate insurance protection is available to the public at a fair and reasonable cost; and,
• Assure the financial stability of the insurance industry so that all legitimate claims of the insuring public are met promptly and equitably.

The commission is headed by the "Insurance Commissioner".  The incumbent Insurance Commissioner is Ms. Evangeline Crisostomo - Escobillo

The Insurance Code of the Philippines mentioned the term "Commissioner", which refers to the "Insurance Commissioner", 393 times.  The last chapter  (no. VIII) discussed the Administrative and Adjudicatory Powers of the Insurance Commissioner.

The commission has the authority to issue licenses to insurance agents, general agents, resident agents, underwriters, brokers, adjusters and actuaries, as well as, suspend or revoke such licenses.

It also has the power adjudicate insurance claims and complaints involving any loss, damage or liability where the amount involved does not exceed P100,000.00 for any single claim. Decisions or orders of the Insurance Commission are appealable to the Appelate Courts.

Pre-need companies offering products similar to insurance are not under the jurisdiction of the Insurance Commission.

The Office of the Commission is located at:

    1071 United Nations Avenue,
    Ermita, Manila, Philippines
    Tele/Fax (+632) 5238461-70

Its website is www.insurance.gov.ph 

Its Mission / Vision:

• Promote growth and financial stability of insurance companies
• To professionalize insurance services
• Establish a sound national insurance market
• Develop insurance consciousness among the general populace
• Build a strong professional Insurance Commission

Its objectives are:

• To promote growth and financial stability of insurance companies 
• To professionalize insurance services and develop insurance consciousness among the general populace
• To establish a sound national insurance market, and
• To safeguard the rights and interest of the insuring people

The Seal:

The suspended “salakot” or native hat in yellow gold symbolizes the protective value of insurance for life and property whether in air, over land specifically in the three major islands of the country: Luzon, Visayas and Mindanao as represented by the three stars – as well as in marine waters represented by the blue waves. The yellow gold color is for abundance while blue stands for peace and tranquility.

As is common in the coat of arms of the various government agencies, two sea lions also appear symbolizing vigilance and alertness in carrying out the mandated objectives. Just like other agencies of government, therefore, the Insurance Commission is also committed to pursue with relentless efforts its policies, programs and projects to ensure the growth of the insurance industry for national economic development.

Historical Background

The Insurance Commission was formerly referred to as the Office of the Insurance Commissioner. The law that created the Office of the Insurance Commissioner as an Independent office was Republic Act No. 275, which took effect upon the formal opening of the Central Bank of the Philippines on January 3, 1949 and which, in effect superseded the provisions of Executive Order No. 54, dated April 21, 1947 and Section 169 of Act No. 2427, otherwise known as the Insurance Act.

Under Act No. 2427, which took effect on July 1, 1915, The Insular Treasurer, in addition to his official title, was designated Insurance Commissioner ex-officio. The government agency which supervised insurance business in this country was, therefore, until December 31, 1941, or for period of over 26 years only a division, called the Insurance Division of the Bureau of Treasury.

During the war, the Insurance Division was separated from the Bureau of Treasury and attached to the Bureau of Banking. After the war, the Division returned to the Bureau of Treasury. In 1947, it was detached once more from the latter and then re-merged with the Bureau of Banking.

In 1949, through Republic Act No. 275, the Office of the Insurance Commissioner came into being with the Insurance Division as its nucleus.

On November 20, 1972, Presidential Decree No. 63 was promulgated amending certain sections of the Insurance Act. Among other things, it provided that the Office of the Insurance Commissioner be known as the Insurance Commission.