IC Enforces Product Inventory Compliance

As part of its initiative to ensure that only approved products are being offered to the public, the Insurance Commission directed all Insurance Companies, Mutual Benefit Associations (MBAs), Health Maintenance Organization (HMOs), and Pre-Need Companies to submit an inventory of all existing products and services offered to the public. 

This is in line with the Commission’s efforts to ensure that entities are not allowed to offer products unapproved by the Commission, as strengthened by the implementation of the Financial Products and Services Consumer Protection Act (FCPA).

As of 02 Oct 2025, 131 licensed companies and associations were able to comply. Two composite companies (AIA Philippines Life and General Insurance Company Inc. and CLIMBS Life & General Assurance Philippines, Inc.), three life insurance companies (Apex Life and General Assurance Corporation, BPI AIA Life Assurance Corporation, and Philippine Life Financial Assurance Corporation), four HMOs (Forticare Health Systems international, Inc., Getwell Health System, Inc., Medicare Plus, Inc., and Optimum Medical and Healthcare Services Inc.) and three Pre-Need companies (AMA Plans, Inc., Eternal Plans, Inc., and Evergreen Life Plan Services, Inc.) failed to submit the report.

For the non-life insurance industry, 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 unable to comply with the report submission.

Meanwhile, MBAs such as 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 (PPSTA) did not submit the report.

The Insurance Commission reminds the insuring public to transact only with IC regulated entities and to exercise utmost caution when dealing with providers falsely claiming to be registered with the Commission. The list of IC-regulated entities are updated quarterly and is available on the Insurance Commission’s official website. For inquiries or verification, the public may contact the Insurance Commission via email thru [email protected] or phone no. 8523-8461. The Commission will ensure that companies offering unapproved products will be subject to appropriate penalties and regulatory sanctions. 

The Insurance Commission remains steadfast in its commitment to safeguarding the rights and interests of the public. Through rigorous oversight, and proactive engagement with stakeholders, the Commission shall continue upholding consumer protection by fostering trust, and empowering the public with clear and accessible information.