The Insurance Commission (IC) has ordered all insurance companies, mutual benefit associations (MBAs), health maintenance organisations (HMOs), and pre-need firms in the Philippines to submit a detailed list of all products and services currently being offered to the public.
This directive forms part of the regulator’s ongoing efforts to ensure that only products approved by the IC are made available in the market, in accordance with the Financial Products and Services Consumer Protection Act (FCPA).
According to the IC, 131 licensed entities had complied with the requirement as of Oct. 2. However, several organisations did not submit their product inventories by the deadline.
Among those listed as non-compliant are two composite insurers – AIA Philippines Life and General Insurance Company Inc. and CLIMBS Life & General Assurance Philippines, Inc. – along with three life insurance providers:
Four HMOs and three pre-need companies were also cited for non-compliance.
In the non-life insurance segment, the IC identified Asia United Insurance, Inc., Cibeles Insurance Corporation, Insurance Company of North America, Metropolitan Insurance Company, Inc., People’s General Insurance Corporation, Prudential Guarantee and Assurance, Inc., SGI Philippines General Insurance Company, Inc., and Visayan Surety and Insurance Corporation as having not met the submission requirement.
Several MBAs, including CCT Mutual Benefit Association, Inc., Fire Services Mutual Benefit Association, Inc., Goodlife Mutual Benefit Association, Inc., Kabigkis Mutual Benefit Association, Inc., Lakan Mutual Benefit Association, Inc., Meralco Employees Mutual Aid and Benefits Association, Inc., Novo Ecijano Teachers Mutual Benefit Association, and the Philippine Public School Teachers Association (PPSTA), were also mentioned.
The IC has advised the public to transact only with entities that are regulated by the commission.
The regulator updates its list of authorised organizations on a quarterly basis, which is accessible through its official website. For verification or inquiries, the IC can be contacted via email or telephone.
The commission has reiterated that companies found offering unapproved products will face penalties and regulatory actions.
“The commission will ensure that companies offering unapproved products will be subject to appropriate penalties and regulatory sanctions,” the IC said in a statement.
The IC’s compliance initiative comes as the Philippine insurance sector reports higher penetration rates.
Insurance penetration, which measures the proportion of insurance premiums to gross domestic product, reached 1.79% in the second quarter of 2025, up from 1.71% in the same period last year.
Total premiums collected by life and non-life insurers amounted to PHP242.84 billion as of June 30, marking a 12.98% increase from the previous year.
Life insurance premiums contributed PHP195.05 billion, while general insurance premiums rose to PHP39.63 billion. Contributions to MBAs also increased to PHP8.16 billion.
Insurance density, or the average insurance expenditure per person, climbed to PHP2,137.32. Benefit payments reached PHP77.57 billion, and the industry’s net income grew to PHP28.78 billion. The sector’s total invested assets expanded to PHP2.26 trillion.
The IC has reiterated its commitment to maintaining oversight and engaging with stakeholders to protect policyholders.
The regulator aims to foster transparency and ensure that consumers have access to accurate information regarding insurance providers and products in the Philippines.
