On Jan. 22, PHI INS issued circular re inclusive micro products.
PHI INS issued guidelines on inclusive micro products to promote affordable insurance access for low-income sectors, applying to all insurance companies, mutual benefit associations, pre-need companies, health maintenance organization, takaful operators.
Description of Guidelines
Introduces new category distinctions between micro health and micro HMO products, with latter specifically required to provide preventive care benefits, wellness programs.
Establishes micro takaful category to accommodate Shariah-compliant products.
Daily premium/contribution limit set at 7.5% of current daily minimum wage for non-agricultural workers in Metro Manila; maximum guaranteed benefits capped at 1,000 times current daily minimum wage for non-agricultural workers in Metro Manila.
All policy forms and agreements must bear specific watermarks for identification.
Companies must submit annual product inventory by Apr. 30 each year, certified by president/CEO; product inventory reports to be submitted to Actuarial Division.
Filing fees for inclusive micro products set at 50% of regular product approval fees.
Regulators
PHI INS
Entity Types
IB; Ins
Reference
Cir Lt 2025-01, 1/22/2025; ESG
Functions
Actuarial and Valuation; Compliance; Product Administration; Registration/Licensing; Reporting; Social; Treasury
