Yes. The Insurance Commission of the Philippines has issued the Guidelines on E-Commerce of Insurance Products which regulates the sale of insurance through online platform.
Yes.
The key regulatory requirements are: (i) the use of mobile application should be with prior approval of the Insurance Commission, (ii) prior to or after submission of the electronic application, the insurance provider shall refer the consumer to the insurer's insurance agent or intermediary for servicing or availability of product advice; and (iii) insurance providers shall not transmit marketing e-mail to consumers without their consent, except when insurance providers have an existing relationship with them.
The use of technology in the conduct of face-to-face contact as required under KYC regulations may be allowed, provided that the insurer is in possession of and has verified the identification documents submitted by the prospective client prior to the interview and that the entire procedure is documented.
Yes, 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.
No. Advertising of insurance products through online platform is subject to the same regulation as advertising through other means.
Yes, lnsurance providers are required to provide consumers with access to fair, timely and effective means to resolve problems with any transaction.
lnsurance providers must maintain effective controls designed to promptly rectify any mistakes in transaction records.
No. lnsurance providers are not required to ask for prior approval in the establishment and roll-out of its system to support electronic commerce of insurance products. However, the insurer must submit various documents to the Insurance Commission prior to roll-out. Note that the use of mobile application requires prior approval from the Insurance Commission.
Yes. Insurance intermediaries must be authorized by the insurance company to conduct electronic commerce of its insurance policies and licensed as an insurance agent by the Insurance Commission.
No. There is no difference on the commission rates paid between online sales and other means.
Yes. The offering and selling of insurance products online through insurance agents, who act on behalf of insurers, would likely be regarded as the sale of insurance by the insurer.