Mandatory SSS Coverage of Insurance Agents and Insurance/Reinsurance Brokers and Resident Agents Doing Business in the Philippines

April 19, 2013 INSURANCE CIRCULAR LETTER NO. 012-13 TO : All Insurance Agents, Insurance/Reinsurance Brokers, Resident Agents and Insurance Companies Doing Business in the Philippines SUBJECT : Mandatory SSS Coverage of Insurance Agents and Insurance/Reinsurance Brokers and Resident Agents Doing Business in the Philippines Sections 9 and 9-A of the Republic Act No. 1161, as amended by Republic Act 8282 (The Social Security Act of 1997), requires the compulsory coverage by the Social Security System (SSS) of all employees in the private sector as well as self-employed persons, including all self-employed professionals, like insurance agents, insurance/reinsurance brokers and resident agents. This compulsory coverage aims to further strengthen the policy of the State to promote social justice and provide meaningful protection to workers and their beneficiaries against the hazards of disability, sickness, maternity, old-age, death and other contingencies resulting in loss of income. Pursuant to the power of this Commission under Section 299 of the Insurance Code of the Philippines to regulate the profession of insurance agents, insurance/reinsurance brokers and resident agents and enjoin their compliance to the various laws and regulatory rules promulgated by the government, it is hereby required that all applications for new/renewal license must indicate therein the SSS number of the applicant issued by the Social Security System. Failure to indicate the SSS number will cause the disapproval of the application. For strict compliance. (SGD.) EMMANUEL F. DOOC Insurance Commissioner