GRANTING OF INSURANCE AGENT’S LICENSE

GRANTING OF INSURANCE AGENT’S LICENSE
Licensing Division, Ground Floor, Insurance Commission
1071 United Nations Avenue, Manila
Telephone Nos. 523-8461 to 70 Loc. 111 & 130
Head of Division: Atty. Teodoro S. Mendoza
E-mail address: [email protected]
ABOUT THE SERVICE
The Insurance Code requires that no person shall act as insurance agent in the solicitation or procurement of applications fo r insurance or receive
for services in obtaining insurance any commission or compensation from any insurance company doing business in the Philippines without first
procuring a license from the Commissioner. The Commissioner shall satisfy himself as to the competence and trustworthiness of the applicant and
shall have the right to refuse to issue or renew and to suspend or revoke any such license in his discretion. The license is valid until the thirtieth
day of June of the year following its issuance. The application should be approved and countersigned by the company such person desires to
represent. An applicant representing life insurance company may apply for life, variable and accident and health type of lice nse. For non-life
insurance company, an applicant may apply for non-life, health and accident, CTPL only type of license . An applicant may be individual, partnership
or corporation. The soliciting official shall apply to act as agent in behalf of the agency. Only one life insurance company shall be represented by an
agent. Each non-life agent shall apply and be licensed on each company it intends to represent.
WHO MAY AVAIL OF THE SERVICE
Any person who desires to become an insurance agent may avail of the service.
REQUIREMENTS
1. Accomplished application form
2. Copy of examination result/proof of previous license issued
3. Documentary stamp (P15.00)
4.
5.
2 pieces 1x1 ID pictures
DTI Certificate of registration for sole proprietorship, SEC Certificate of registration for partnership and corporation, and CDA Certificate of
registration for cooperative
6. Articles of Incorporation/partnership/cooperation and By-laws
7. Certificate of training for previous and reviving agent
8. ACR and ICR or SRR Visa if applicant is an alien
9. General power of attorney if applicant is applying as general agent (compliant with Sec. 308, Insurance Code)
10. Board resolution of agency or appointment if applicant is applying as soliciting official of an agency
11. Board resolution if applicant is currently affiliated with insurance company with the rank of manager and above
12. Clearance/Letter request
FEES:
1. Ordinary Agent- P300.00
2. General Agent – P5,000.00
SCHEDULE OF THE AVAILABILITY OF SERVICE
Mondays-Fridays (except holidays), 8:00 AM - 5:00 PM
HOW TO AVAIL OF THE SERVICE
STEPS IN THE PROCESSING OF AGENT’S
APPLICATION
OFFICE ACTIVITY
DURATION
PERSON-IN-CHARGE
1
Submission
Insurance company submits application and
requirements to frontline personnel. The officer of
the insurance company must submit the soft
copy of the names and information of applicants
for uploading in the database.
Frontline personnel receives application and
requirements.
3 minutes
Test Technician II
Personnel uploads or saves soft copy of
agents’ information in the database.
5 minutes
Insurance Specialist II
2 Evaluation of application
The applications is entered in the book and
assigned to an Action Officer for evaluation. The
names are checked from the Negative List.
15 applications/hr
for processing 50
application/hr
for negative list
Administrative Assistant Ii
Insurance Specialist Ii
Test Specialist II
Senior Insurance Specialist
3 Approval
The Chief or the authorized Action Officer
approves, denies or returns the application for
lacking requirements or incomplete information.
2 minutes
Chief, Licensing Division
Assigned officer
4 Return of applications
The insurance company is required to get the
applications - preparation of payment form for
approved applications and compliance of
requirements for unapproved applications.
Discuss the those which require compliance with
the Action Officer
Applications are returned to the insurance
company. A separate denial letter of the
application may be issued.
3 minutes
Test Technician II
10 minutes
Action officer
5 Payment
In case of approval of application, secure
payment request form and proceed to the Cashier
Section for payment. Present payment request
form and application to the cashier. A receipt is
issued. The transmittal letter and application with
notes from cashier should be returned to
Licensing Division
Personnel issued payment request form.
Cashier receives payment , issues receipt and
writes the amount and receipt number in the
transmittal letter or application
6 Preparation of license
The personnel 1) attaches the corresponding
30 applications/hr
license per application, 2) types the licenses and 17 license/hr
3) attaches the pictures
30 license/hr
Administrative Assistant II
Test Technician II
Insurance Specialist II
7
The Chief of the Licensing Division signs the
licenses. Personnel issues the licenses to
insurance company
Chief, Licensing Division All
staff are required to issue
the licenses
Signing and issuance of license
The insurance company receives the licenses
of agents
3 minutes
Test Technician II
C/O Cashier Section
120 license/hr 5
min/transmittal
letter
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