Compliance with the requirements does not preclude the Insurance Commission from further requiring additional papers or information to be submitted. The license applied for shall be issued only upon compliance with the foregoing requirements and the Insurance Commission being satisfied that the applicant/company is staffed with competent and qualified personnel and adjusters and upon payment of a fee pf Six hundred Pesos (PHP600.00)
1) Certified true copy of Certificate of Registration from the following:
a) DTI certificate of RegistrationSingle Proprietorship
b) SEC certificate of Registration of Articles of Incorporation and By-lawsPartnership and Corporation
2) If applicant is a partnership, association or corporation organized or existing under an law other than those of the Philippines or more than 40% of the outstanding capital of which is owned or controlled by aliens, the said applicant must also submit a copy of the certificate from the Board of Investments, pursuant to R.A. 5444, authorizing it to transact or engage in any economic activity in the Philippines.
3) Certificate of Registration with the following government agencies
a) Bureau of Internal Revenue (BIR)
i. Tax Identification Number (TIN)
ii. Value Added Tax (VAT)
b) Office of the Mayor/Municipal Permit
c) Social Security System
4) Surety BondPHP50,000.00 per line
5) Paid-Up Capital
a) Natural PersonPHP250,000.00
b) Juridical PersonPHP500,000.00
6) Bank Account/s of the applicant
7) Execute waiver in favor of this Commission to verify the existence of applicants capital deposit with its depositary bank/s.
8) Clearance of Adjuster/s, Board of Directors from:
c) Previous employer, if same is an adjustment company
9) Inventory of equipment, furniture and fixtures
10) Plantilla of personnel and officers of the company showing their respective positions held and corresponding monthly/annual salaries, if applicant is a corporation.
11) Books of accounts to be used in the transaction of business, duly registered with the BIR
a) General Journal
b) General Ledger
c) Cash Receipt
d) Cash Disbursement
12) ITR for the preceding year and Curriculum Vitae of the officers and members of the Board of Directors
13) Documentary Stamp
14) Lease Agreement of the office space, if any
15) Pre-operational balance sheet
16) Three-year business plan
17) Compliance with Circular Letter No. 13-2004 (Fit and Proper Requirements dated 6/7/04
18) Pre-licensing Examination
QUALIFICATIONS OF AN ADJUSTER
1) Applicant must be of good moral character and must not have been convicted of a crime involving moral turpitude nor have been convicted of any offense by final judgment.
2) Applicant must have at least ten (10) years experience in the line of adjustment being applied for with any adjustment firm or insurance company or must have successfully completed the insurance adjusters course conducted by the Insurance Institute for Asia and the Pacific (IIAP) and/or a program satisfactory to the Insurance Commission in the line of business being applied for or passed the adjusters examination given by the Insurance Commission.
3) That the application of an Adjuster may be referred to the Association of Philippine Adjustment Companies (APAC) and Insurance and Surety Association of the Philippines (ISAP) for comment as to applicants moral integrity, honesty and trustworthiness.
Required Documents to be submitted by Adjuster
1) Accomplished application (duly notarized)
2) One passport size of recently taken headphoto
3) Bio-data (2 copies)
4) Certification of ten (10) years experience including positions held with corresponding duties and responsibilities and nature of job
5) Names and addresses of at least three (3) responsible persons as references
6) Copy of certificate of seminars attended
7) Copy or Resolution of the Board of Directors appointing the Adjuster
8) Copy of sample reports in the lie of adjustment being applied for
9) Copy of Income Tax Return for the last three (3) years
10) NBI Clearance
11) Clearance from Immediate Past Employer