APPLICATION FOR ISSUANCE OF LICENSE AS INSURANCE/REINSURANCE BROKER

▪ About the Service

The Insurance Code requires the licensing of any person who shall act as broker.
An insurance broker refers to any person who for any compensation, commission
or other thing of value acts or aids in any manner in soliciting, negotiating, or
procuring the making of any insurance, on behalf of an insured other than
himself. A reinsurance broker is one who, for compensation, acts or aids in any
manner in negotiating contracts of reinsurance, or placing risks of effecting
reinsurance for any reinsurance company authorized in the Philippines. The
application of a broker which is a partnership or corporation must be
accompanied by the application and requirements of a official. In order to be
issued a license, the brokerage company must have a qualified and approved
soliciting official.

▪ Office/Division

Licensing Division

▪ Classification

● Pre-Evaluation Procedure : Simple

● Evaluation Procedure : Complex
● Processing Procedure : Simple

▪ Type of Transaction

Government-to-Citizen (G2C)
Government-to-Business (G2B)

▪ Who May Avail of the Service

All persons or entities intending to engage as insurance/reinsurance brokers

▪ Requirement/s

Checklist of Requirements Where to secure

Copy of Certificate of Registration Department of Trade and Industry
(in the case of sole proprietorship)
or
Securities and Exchange
Copy of Certificate of Recording Commission (in the case of
or partnership)
Copy of Certificate of Incorporation

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 Securities and Exchange
(Note: Before pre-licensing procedure, the Commission (in the case of
company must have a qualified/approved corporation)
application of the soliciting official.)
Copies of the Articles of Partnership or Securities and Exchange
Incorporation and By-Laws Commission (SEC)
Copy of Mayor’s Permit City Hall – Office of the Mayor
Proof of registration with the Bureau of Bureau of Internal Revenue
Internal Revenue
Proof of ownership or lease agreement Requesting Entity
covering the principal office
Capital Structure Requesting Entity
Certificate of bank deposit or any other Depository Bank of Requesting
evidence of bank account ownership Entity
together with the name and address of
the depository bank
Waiver on Bank Secrecy law in favor Requesting Entity
of the Commissioner and/or duly
authorized representative
Pre-operational Balance Sheet Requesting Entity
Curriculum Vitae of the incorporators Requesting Entity
and officers
Organization Chart Requesting Entity
Income Tax Return of Incorporators Requesting Entity
Clearance of the incorporations, National Bureau of Investigation
officers, and proposed soliciting official
Copy of the Surety Bond, in the case Surety Agency of Requesting Entity
of insurance broker, as provided in
Section 6
Copies of the errors and omission Insurance Company of Requesting
policies provided in Section 7 Entity
Affidavit signed by a senior officer, Requesting Entity
with a rank of at least Vice-President
attesting that it has no violation on the
prohibition provided under Section 11

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 Proof of Qualifications of Nominated Requesting Entity
Soliciting Official
Documentary Stamp Tax Bureau of Internal Revenue (BIR)

▪ Schedule of Availability of Service

Mondays-Fridays (except holidays) 8:00 AM – 5:00 PM

▪ How to Avail of the Service

PRE-EVALUATION PROCEDURE (FOR NEW APPLICATION ONLY)

SERVICE FEES TO BE PROCESSING PERSON IN

STEP CLIENT STEPS
PROVIDED PAID TIME CHARGE

1. Prepares draft The applicant The Action Officer Metro Manila 8 hours IC Supervising
Designation submits complete (AO) prepares a Pre-Licensing Insurance
Letter for the documentary draft letter Fee – Specialist
conduct of Pre- requirements and designating Php10,100.00
Licensing pays the Pre- personnel to
Evaluation Licensing Fee. conduct pre-
licensing Luzon (non-
evaluation with Metro Manila)
Complete Staff Pre-Licensing
Work (CSW) and Fee –
submits draft to Php25,250.00
the Division
Manager (DM)/
Officer-in-Charge Visayas Pre-
(OIC) for review. Licensing Fee –
Php40,400.00
Officer-in-Charge/
AO and DM/OIC
Mindanao Pre- Division Manager
sign the CSW and
initial the draft Licensing Fee –
letter. Php45,450.00

(Note: Fee is
inclusive of 1%
Legal Research
Fund (LRF) fee,
pursuant to IC
Circular Letter
No. 2014-15.)

2. Recommendation The Deputy none 8 hours Deputy Insurance

Insurance Commissioner for
Commissioner Legal Services
reviews the draft
designation letter
and makes a
recommendation

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 to the Insurance
Commissioner.

3. Approval The Insurance none 8 hours Insurance

Commissioner Commissioner
approves or
disapproves the
designation letter.

TOTAL: 3 days

EVALUATION PROCEDURE (FOR NEW APPLICATION ONLY)

SERVICE FEES TO BE PROCESSING PERSON IN
STEP CLIENT STEPS
PROVIDED PAID TIME CHARGE

1. Preparation of The applicant 1.a. The AO none 24 hours IC Supervising

Pre-Licensing allows the prepares pre- Insurance
Report designated licensing report Specialist
personnel to and submits draft
conduct Pre- to the DM/OIC for
Licensing review. IC Insurance
Evaluation. Specialist I/II

1.b. The AO and

DM/OIC sign the Officer-in-
draft Pre-licensing Charge/Division
report. Manager

2. Recommendation The Deputy none 16 hours Deputy Insurance

and Review Insurance Commissioner for
Commissioner Legal Services
reviews the draft
Pre-Licensing
Report and makes
a
recommendation
to the Insurance
Commissioner.

3. Approval The Insurance none 16 hours Insurance

Commissioner Commissioner
approves or
disapproves the
recommendation.

TOTAL: 7 days

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 PROCESSING PROCEDURE (FOR NEW APPLICATION OR APPROVED
ADDITIONAL OR CHANGE IN SOLICITING OFFICIAL)

SERVICE FEES TO BE PROCESSING PERSON IN

STEP CLIENT STEPS
PROVIDED PAID TIME CHARGE

1.1.a. If application The applicant 1.a. The AO Licensing Fee 1 hour IC Supervising
is approved: secures Order of issues payment for insurance or Insurance
Payment for request form. reinsurance Specialist
Licensing Fee. broker with one
(1) Soliciting
1.b. Cashier Official – IC Insurance
The applicant receives payment Php90,900.00 Specialist I/II
proceeds to the and issues Official
Cashier Section for Receipt (OR).
payment. Licensing fee for Officer-in-
insurance and Charge/Division
reinsurance Manager
The applicant broker with one
exhibits the Official (1) Soliciting
Receipt to the Official –
Licensing Division. Php181,800.00

(Licensing Fee
for each
additional
Soliciting Official
– Php30,300.00)

(Note: Fee is
inclusive of 1%
Legal Research
Fund [LRF] fee,
pursuant to IC
Circular Letter
No. 2014-15.) IC Supervising
Insurance
Specialist
1.1.b. If application The AO prepares
is denied: draft denial letter none
with CSW and IC Insurance
submits draft to Specialist I/II
the DM/OIC for
review.
Officer-in-
Charge/Division
Manager

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2.2.a. Preparation of The draft license none 11 hours IC Supervising
license with covering Insurance
letter is prepared Specialist
and submitted by
the Licensing
Division. IC Administrative
Aide I

Contract of Service
Personnel

The AO and
IC Supervising
DM/OIC initial the
Insurance
denial letter.
Specialist

Officer-in-Charge/
2.2.b. Preparation of Division Manager
denial letter

3. Signing of License The draft license none 12 hours Insurance

or denial letter is Commissioner
forwarded to the
Office of the
Insurance
Commissioner for
signature.

TOTAL: 3 days

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