On Mar. 24, 2025, PHI INS extended the submission deadline for data requirements.
Companies must submit policy data and claims data along with data certification report; the final and non-extendible deadline for submission is Jun. 30, 2025.
On Jan. 22, PHI INS issued circular re intercompany morbidity study.
PHI INS issued circular re intercompany morbidity study for insurance, HMO products.
Scope and Objectives
Applies to all insurance companies (life and non-life) with approved health insurance products and health maintenance organizations (HMOs) authorized in the Philippines.
Primary goal is to review morbidity experience of insurance and HMO industries to establish industry benchmarks; aims to develop data-driven pricing and valuation parameter for health products; results to serve as benchmark for rate filing evaluation.
Intended to reduce dependence on foreign data by creating Philippines-specific data.
Study Parameters
Covers policies issued from Jan. 2018 to Dec. 2022; includes individual, family, and group/corporate products; will analyze data on seriatim (record-by-record) basis.
Requires year-end policy, related claims data for the study period; key metrics include utilization rates, average claim amounts, length of stay, and demographic profiles.
Compliance Requirements
Companies without health insurance products must submit formal undertaking to avoid penalties; non-compliance may result in product/form review and possible recall.
In addition, a penalty of PHP 5k per day is in effect for delayed submissions.
Effectiveness
All data and reports must be submitted to PHI INS Actuarial Division by Mar. 31, 2025.
Mar. 2025 Extension of Submission Deadline
On Mar. 24, 2025, PHI INS extended the submission deadline for data requirements.
Companies must submit policy data and claims data along with data certification report; the final and non-extendible deadline for submission is Jun. 30, 2025.
