Application for Insurance Brokers License

What this is For:

Application for Insurance Brokers License

Where to File:

Licensing Division, Insurance Commission, UN Avenue, Manila

How to File:

All applicants shall file their application form with the Licensing Division, Insurance Commission in UN Avenue, Manila.

Other Documentary Requirements:

Requirements for Issuance of License to act as Insurance Broker

1. Certified true copy of Certificate of Registration from the following:

DTI certificate of RegistrationSingle Proprietorship

SEC certificate of Registration of Articles of Incorporation and By-lawsPartnership and Corporation

2. Certificate of Registration with the following government agencies

Bureau of Internal Revenue (BIR)

Tax Identification Number (TIN)

Value Added Tax (VAT)

Office of the Mayor/Municipal Permit

Social Security System

3. Bank Account/s of the applicant

4. Execute waiver in favor of this Commission to verify the existence of applicants capital deposit with its depositary bank/s.

5. Inventory of equipment, furniture and fixtures

6. Plantilla of personnel and officers of the company showing their respective positions held and corresponding monthly/annual salaries, if applicant is a corporation.

7. Books of accounts to be used in the transaction of business, duly registered with the BIR

General Journal

General Ledger

Cash Receipt

Cash Disbursement

8. ITR for the preceding year and Curriculum Vitae of the officers and members of the Board of Directors

9. Documentary Stamp

10. Pre-operational balance sheet

11. List of insurance companies to service prospective clients insurance needs

12. Lease agreement of the office space, if any

13. Surety Bond worth PHP500,000 (insurance Broker)

14. Errors and Omission Policies (Professional Indemnity) worth PHP1,000,000

15. Minimum paid-up capital of PHP250,000 (Insurance Broker), PHP500,000 (Reinsurance Broker) pursuant to Insurance Memorandum Circular No.1-2004 dated 12 January 2004

16. Compliance with Circular Letter No.13-2004 (Fit and Proper Requirements) dated 7 June 2004

17. Pre-licensing Examination

18. License Fee PHP600.00


1) He must be a Filipino Citizen

2) He must have at least ten (10) years experience as:

a) A sales and/or underwriting executive (at least department manager level) in an insurance brokerage firm or insurance company; or

b) A general agent

3) The above requirements may be reduced to five (5) years if the applicant holds at least an associateship from the Insurance Institute for Asia and the Pacific (IIAP), the Chartered Insurance Institute (CII) or a similar educational institution acceptable to the Insurance Commissioner.

4) He must have no history of unprofessional conduct known to the Commissioner, other brokers and insurance companies.

Required Documents to be submitted by the Soliciting Official (Broker)

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 the corresponding duties and responsibilities and nature of job

5) Copy of certificate of seminars attended

6) Copy of resolution of the Board of Directors appointing the Soliciting Official

7) Copy of Income Tax Return for the last three (3) years

8) Clearance form immediate past employer

9) NBI clearance