The Philippines Insurance Commission directed all Insurance Companies, Mutual Benefit Associations, Health Maintenance Organizations and Pre-Need Companies to submit an inventory of all products and services offered to the public, as part of its enforcement drive to ensure only Commission-approved products are being marketed under the strengthened framework of the Financial Products and Services Consumer Protection Act. As of 2 October 2025, 131 licensed companies and associations had complied. Entities identified as having failed to submit included composite insurers AIA Philippines Life and General Insurance Company Inc. and CLIMBS Life & General Assurance Philippines, Inc.; life insurers Apex Life and General Assurance Corporation, BPI AIA Life Assurance Corporation and Philippine Life Financial Assurance Corporation; HMOs Forticare Health Systems International, Inc., Getwell Health System, Inc., Medicare Plus, Inc. and Optimum Medical and Healthcare Services Inc.; and pre-need companies AMA Plans, Inc., Eternal Plans, Inc. and Evergreen Life Plan Services, Inc. In non-life insurance, Asia United Insurance, Inc., Cibeles Insurance Corporation, Insurance Company of North America, Metropolitan Insurance Company, Inc., People’s General Insurance Corporation, Prudential Guarantee and Assurance, Inc., SGI Philippines General Insurance Company, Inc. and Visayan Surety and Insurance Corporation were listed as non-compliant, alongside MBAs CCT Mutual Benefit Association, Inc., Fire Services Mutual Benefit Association, Inc., Goodlife Mutual Benefit Association, Inc., Kabigkis Mutual Benefit Association, Inc., Lakan Mutual Benefit Association, Inc., Meralco Employees Mutual Aid and Benefits Association, Inc., Novo Ecijano Teachers Mutual Benefit Association and Philippine Public School Teachers Association. The Commission reminded the public to transact only with IC-regulated entities and stated that companies offering unapproved products will be subject to penalties and regulatory sanctions; the list of IC-regulated entities is updated quarterly on the Insurance Commission’s website.
Philippines Insurance Commission 2025-10-03
Philippines Insurance Commission enforces product inventory reporting and names firms that failed to submit
The Philippines Insurance Commission requires all insurance entities to submit product inventories for compliance with the Financial Products and Services Consumer Protection Act. As of 2 October 2025, 131 licensed entities complied, but AIA Philippines Life and General Insurance Company Inc. and BPI AIA Life Assurance Corporation did not. The Commission warned of penalties for unapproved products and updates the regulated entities list quarterly on its website.