Provisional Authority to Sell or Solicit Insurance Business Pending Issuance of Regular License
Insurance Circular Letter No. 033-11 • Other Rules and Procedures • Insurance Commission • Oct 11, 2011
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October 11, 2011 INSURANCE CIRCULAR LETTER NO. 033-11 TO : All Life and Non-Life Insurance Companies Doing Business in the Philippines SUBJECT : Provisional Authority to Sell or Solicit Insurance Business Pending Issuance of Regular License The Insurance Commission hereby grants provisional authority to sell or solicit insurance products subject to the following guidelines: 1. An applicant for Agent's License for Life, Non-Life, Limited Line Insurance and Variable Life will be allowed to sell or solicit insurance business for the line applied for provided that the applicant 1) has submitted thru the principal insurance company a duly executed application with complete requirements, 2) has passed the corresponding qualifying examination for agent, and 3) is not included in the Negative List of agents. 2. The principal insurance company must encode the information regarding the applicant in the IC Web Portal, the non-compliance of which shall result to the non-processing or return of the application; 3. The provisional authority shall not apply, however, to an applicant which is a corporation, unless the applicant is an additional soliciting official for a corporation or partnership with existing license. 4. The provisional authority granted herein shall automatically cease in the event of: a) denial of the application; or, b) return to insurance company concerned of the application due to insufficiency of requirements or incorrect/incomplete application; or, EDHCSI c) non-payment of the corresponding license fee/s within ten (10) working days from the date of approval of the application. The insurance companies are required to check their approved and returned applications regularly for proper compliance. The requirement under Circular Letter 13-2007 dated July 31, 2007 for an applicant of a variable life license to have a valid life insurance license is no longer applicable. This Circular supersedes Circular Letter No. 3-2009 and amends all other Circulars which are inconsistent herewith. (SGD.) EMMANUEL F. DOOC Insurance Commissioner
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