Amendments to Guidelines on Electronic Commerce of Insurance Products
The Insurance Circular Letter No. 2016-60, issued on November 15, 2016, amends Section 7.10 of IC Circular Letter No. 2014-47 concerning the guidelines on electronic commerce of insurance products. The amendment stipulates that consumers completing insurance applications online will receive a summary of their provided information before finalizing the contract, allowing them to verify their answers. Instead of an actual signature, consumers can indicate their consent by clicking a confirmation button, though insurance providers may still use alternative methods for capturing consent. This amendment takes effect immediately, while other provisions of the previous circular remain unchanged.
Law Information
- Reference Number
- Insurance Circular Letter No. 2016-60
- Date Enacted
- Category
- Other Rules and Procedures
- Subcategory
- Insurance
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
November 15, 2016
INSURANCE CIRCULAR LETTER NO. 2016-60
Amends: Section 7.10 of IC Circular Letter 2014-47
| TO | : | All Insurance Companies, Insurance Brokers, Mutual Benefit Associations, and Other Supervised Persons and Entities |
| SUBJECT | : | Amendments to Guidelines on Electronic Commerce of Insurance Products |
Pursuant to the authority of the Insurance Commissioner under Sections 50 and Section 437 of the Insurance Code, as amended by Republic Act No. 10607, IC Circular Letter No. 2014-47 on the Guidelines on Electronic Commerce of Insurance Products are hereby amended as follows:
SECTION I. Section 7.10 of Circular Letter No. 2014-47 is hereby amended to read as follows:
"7.10 Considering that consumers themselves complete the insurance application form on the internet, the process may be subject to error. To prevent the consequences of such errors, the information from the application form shall be recapitulated in a summary and presented to consumers before the contract is concluded, giving them the opportunity to validate their answers once more. In lieu of an actual specimen signature from the consumer to validate the information indicated in the on-line application form, the consumer may signify his consent by clicking the confirmation button to finalize the processing of the application. The use of the confirmation button does not prevent the insurance provider from using other modes of capturing consent (i.e., digital electronic signature pads, software application)."
SECTION II. This amendatory Circular shall take effect immediately. Except as amended and supplemented hereby, all other provisions of Circular Letter No. 2014-47 shall remain effective. The unamended provisions of the said Circular and the amendments introduced herein shall be read and construed as a single Circular.
(SGD.) EMMANUEL F. DOOC
Insurance Commissioner
Cite This Law
Amendments to Guidelines on Electronic Commerce of Insurance Products, Insurance Circular Letter No. 2016-60, Nov 15, 2016 (Philippines)
Amendments to Guidelines on Electronic Commerce of Insurance Products, Insurance Circular Letter No. 2016-60 (Phil. 2016)
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