Application for Licensing of Domestic Insurance Companies

What this is For:

Application for Licensing of Domestic Insurance Companies (no Application form for this transaction, the Company must make an application and submit it to the Insurance Commission)

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:

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

General Journal

General Ledger

Cash Receipt

Cash Disbursement

4. Reference of incorporators, consisting of two (2) natural persons and one (1) depository bank

5. Curriculum Vitae of the incorporators, officers, underwriters, accountant, (actuary and medical directorfor life companies only)

6. List of officers and positions held

7. Name and address of the external auditors

8. Name and address of depository bank

9. Name and address of legal counsel

10. Name and address of companys printer

11. Name and address of companys actuary

12. Organizational chart of the proposed corporation

13. Floor plan of the office

14. Lease agreement of the office space, if any

15. List of Furniture and equipment

16. Reinsurance treaty or proof that such facilities are available

17. ITR of each incorporator for the past five (5) years preceding the date of filing of incorporation papers of proposed corporation

18. Clearances of incorporation from:

a. NBI

b. BIR

19. If any of the incorporators is an alien, he must produce his ACR for the current year and a certification from the Bureau of Immigration that he/she is allowed to be gainfully employed during his/her stay in the Philippines

20. Project study showing expected volume of business to be written and the amount of premiums that will be realized on the various life plans for the next three (3) initial years from operation

21. Execute waiver in favor of the Insurance Commission to verify the existence of applicants capital deposits with its depository bank/s

22. Pre-operational balance sheet

23. Minutes of the Organizational Meeting of the stockholders

24. Minutes of the Organizational Meeting of the Board of Directors

25. Documentary StampPHP15.00

26. Filing FeePHP1,200.00

27. CapitalizationAs per Department Order No. 27-92

i. At least PHP75,000,000.00paid-up capital; and

ii. At least PHP25,000,000.00contributed surplus

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

29. Pre-licensing Examination

NOTE: (As per Department Order No. 100-94 and 100-94-A)

The Insurance Commissioner may refuse to issue a certificate of authority to any company if, in his judgment, such refusal will best promote the interest of the people of the Philippines.