On Aug. 18, PHI INS issued advisory re product inventory reports.
PHI INS issued advisory directing all PHI INS-regulated entities to submit product inventory reports per regs mandating evaluation and oversight of products and services to ensure suitability, affordability, and appropriateness to intended market.
Outline of Advisory
All life, non-life, composite insurance companies, mutual benefit associations, health maintenance organizations, and pre-need companies directed to submit inventory of all products and services approved by PHI INS as of Jun. 30, 2025.
Product inventory must include products entities have discontinued selling, completed using appropriate product inventory report template and certified by company's President and/or Chief Executive Officer.
Report requires submission of key product details including marketing name, brief description of features and benefits, type (individual or group), approval date, current status whether open/closed to new business, temporarily suspended, or discontinued.
Information crucial for PHI INS market conduct surveillance and overview of market's current landscape to promote fair market conduct, prevent mis-selling and unauthorized product distribution.
Effectiveness
Completed reports in PDF and Excel format must be submitted via email by Sep. 15, 2025, PHI INS may impose penalties for non-compliance.
