( May 4, 2015, 04:11 GMT | Insight) -- The Insurance Commission of the Philippines, or IC, now requires banks that intend to sell insurance products to first secure a bancassurance agreement with insurance firms, according to Business News Asia. The IC said that the selling of insurance product...The Insurance Commission of the Philippines, or IC, now requires banks that intend to sell insurance products to first secure a bancassurance agreement with insurance firms, according to Business News Asia. The IC said that the selling of insurance products, including variable life insurance products, within the premises of a bank is only allowed after it has approved the bancassurance agreement entered into by and between the insurance company and the bank. The IC further requires that the agreement must contain provisions stating that the insurance company will comply with all the requirements provided in the Insurance Code of the Philippines, which was signed into law in August 2013. The new policy, however, does not cover cross-selling of micro-insurance products by rural, cooperative and thrift banks, because these will remain under the governance of the Bangko Sentral ng Pilipinas, the country's central bank....
Prepare for tomorrow’s regulatory change, today
MLex identifies risk to business wherever it emerges, with specialist reporters across the globe providing exclusive news and deep-dive analysis on the proposals, probes, enforcement actions and rulings that matter to your organization and clients, now and in the longer term.
Know what others in the room don’t, with features including:
- Daily newsletters for Antitrust, M&A, Trade, Data Privacy & Security, Technology, AI and more
- Custom alerts on specific filters including geographies, industries, topics and companies to suit your practice needs
- Predictive analysis from expert journalists across North America, the UK and Europe, Latin America and Asia-Pacific
- Curated case files bringing together news, analysis and source documents in a single timeline
Experience MLex today with a 14-day free trial.