Philippine regulator adds new requirement for adjuster license

It says new requirement ensures “ethical business practices are observed”

Philippine regulator adds new requirement for adjuster license

Insurance News

By Duffie Osental

Applying to be an insurance claims investigator in the Philippines will now require the endorsement of either the Association of Philippine Adjustment Companies (APAC) or the Philippine Institute of Loss Adjusters (PILA).

The country’s insurance commission said an endorsement is now mandatory for all new license applications before adjusters can practice in the Philippines.

“This new requirement will ensure that integrity, honesty and ethical business practices are observed in the insurance adjuster business in the country,” said insurance commissioner Dennis Funa, adding that the new regulation was drafted in consultation with the trade associations of insurance adjusters.

“While the new regulation requires a favourable endorsement from APAC and PILA, the insurance commission, as the ultimate decision-making authority for approving an adjuster’s license, may direct the issuance of the license even without the endorsement if we find the non-endorsement unjustified,” said Funa.

Under the country’s insurance code, no person shall act as an adjuster, acting in behalf of either the insured or insurance company, unless authorized by virtue of a license issued by the commissioner.

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