Before you hand over personal details, or money, to someone selling insurance, there's a question you're entitled to ask: are you licensed?
It's a fair question. A good advisor expects it and is glad you asked.
Who regulates insurance in the Philippines
The Insurance Commission supervises insurance companies, agents and brokers. Under the Insurance Code, a person acting as an insurance agent needs a license from the Commissioner, and licenses need to be kept current.
A public registry
In 2024, the Insurance Commission issued Circular Letter 2024-10, which requires insurers to establish and publish a registry of their licensed insurance agents. The purpose, as stated, is to let the public check the status of an agent.
In practice, that means you can usually ask the insurer, or look on its website, to confirm that a particular person is licensed and is attached to that company. The exact steps differ by insurer, so ask for the link, or contact the insurer's customer service.
What to ask the advisor
1. "Which company do you represent?" Agents sell for a specific insurer. 2. "What is your license number?" And whether it's current. 3. "Can I verify this with the company?" Then actually do it. 4. "Who do I contact if I have a problem?" There should be a clear answer.
Check the company too
The insurer should be authorized to sell insurance in the Philippines. The Insurance Commission publishes information on licensed companies. Be wary of anything that looks like insurance but is run as a "damayan" or membership scheme without proper authority. The Commission has issued public notices about some of these.
If something goes wrong
Start with the company: your policy documents should list a customer service or complaints channel. Write down what happened, with dates and names, and keep copies.
If that doesn't resolve it, the Insurance Commission handles consumer complaints against insurers and intermediaries. Reports on the Commission's work describe it resolving thousands of policyholder complaints a year, and it has authority over disputed insurance claims up to a stated maximum amount. For the current channels, hotline and requirements, go to insurance.gov.ph, because these change.
What a complaint needs
- The policy number and documents.
- A clear timeline.
- Copies of your correspondence.
- What you want to happen: a payment, a correction, an explanation.
A few warning signs
- Reluctance to give a license number or company name.
- Pressure to sign blank forms.
- Payment requests to a personal account rather than the insurer.
- Suggestions to leave things off your application.
- Promises that sound too good, such as guaranteed high returns.
Any of these deserves a pause and a check.
A note from my side of the table
I'd rather you verify me than trust me by default. Verification costs five minutes. Trust that was never tested is where most of the problems in this industry start.
Sources: Insurance Commission Circular Letter No. 2024-10 (registry of licensed insurance agents); Insurance Code provisions on agent licensing; Insurance Commission public notices and 2023 complaint-handling reports as covered by Insurance Business Asia. Procedures, thresholds and contact channels change, so confirm them at insurance.gov.ph.
The free Life Ready Checklist at lifereadywithvenus.com has a page for writing down what you find, free and with no sign-up.
