THE Insurance Commission (IC) has set up an online portal where insurers and other concerned financial institutions can submit requests and requirements to the regulator.
Insurance Commissioner Dennis B. Funa has issued Circular Letter 2021-06 creating the online platform “to accommodate electronic submission of requests and reportorial requirements.”
Documents that can be uploaded on the portal include: report on investments made and sold or disposed of; report on derivative transactions statement of capital, reserves, and surplus investments; report on material related party transactions; statement of rental income; report on investments held under investment management agreements; request for approval of investments; and compliance with security deposit requirements.
“This circular letter aims to provide simplified, streamlined and automated standards, measures and procedures in delivering efficient services for requests and reports,” the document read.
The regulator said the move is in line with the Republic Act No. 11032 or the Ease of Doing Business and Efficient Government Service Delivery Act of 2018 which orders state offices to streamline public services.
The IC will acknowledge submissions made through the portal through an email.
“A reply letter for requests of investment approval and compliance with security deposit requirements shall be released electronically within the prescribed number of processing days from the date of receipt of complete documents and proof of payment of filing fees,” it said.
It warned that submissions that do not follow the regulator’s procedures will be deemed non-compliant and could be subject to penalties for late submission.
“This appears to be a culmination of IC’s past efforts to make available online submission of regulatory reports and requirements. Responding to the operational constraints and mobility restrictions prevailing under the community quarantine,” Philippine Life Insurance Association (PLIA) President Benedicto C. Sison said via email.
Mr. Sison cited the IC’s move last year to allow insurers to digitally submit their annual statements, audited financial statements, form approval requests, quarterly reports on selected financial statistics, the negative list for officers and employees, as well as other supporting documents amid quarantine restrictions in the country.
He said the portal should also support digital payments, especially the payment of agent licensing fees, to further ease the procedures for the industry players.
“It would be ideal if the ELS (Electronic Licensing System) were to be integrated into this portal along with the Land Bank e-payment facility so that the portal becomes a single gateway to doing business online with the IC,” he said. — B.M. Laforga