GRANTING OF INSURANCE AGENT’S LICENSE Licensing Division, Ground Floor, Insurance Commission 1071 United Nations Avenue, Manila Telephone Nos. 523-8461 to 70 Loc. 111 & 130 Head of Division: Atty. Teodoro S. Mendoza E-mail address: licensing@insurance.gov.ph ABOUT THE SERVICE The Insurance Code requires that no person shall act as insurance agent in the solicitation or procurement of applications fo r insurance or receive for services in obtaining insurance any commission or compensation from any insurance company doing business in the Philippines without first procuring a license from the Commissioner. The Commissioner shall satisfy himself as to the competence and trustworthiness of the applicant and shall have the right to refuse to issue or renew and to suspend or revoke any such license in his discretion. The license is valid until the thirtieth day of June of the year following its issuance. The application should be approved and countersigned by the company such person desires to represent. An applicant representing life insurance company may apply for life, variable and accident and health type of lice nse. For non-life insurance company, an applicant may apply for non-life, health and accident, CTPL only type of license . An applicant may be individual, partnership or corporation. The soliciting official shall apply to act as agent in behalf of the agency. Only one life insurance company shall be represented by an agent. Each non-life agent shall apply and be licensed on each company it intends to represent. WHO MAY AVAIL OF THE SERVICE Any person who desires to become an insurance agent may avail of the service. REQUIREMENTS 1. Accomplished application form 2. Copy of examination result/proof of previous license issued 3. Documentary stamp (P15.00) 4. 5. 2 pieces 1x1 ID pictures DTI Certificate of registration for sole proprietorship, SEC Certificate of registration for partnership and corporation, and CDA Certificate of registration for cooperative 6. Articles of Incorporation/partnership/cooperation and By-laws 7. Certificate of training for previous and reviving agent 8. ACR and ICR or SRR Visa if applicant is an alien 9. General power of attorney if applicant is applying as general agent (compliant with Sec. 308, Insurance Code) 10. Board resolution of agency or appointment if applicant is applying as soliciting official of an agency 11. Board resolution if applicant is currently affiliated with insurance company with the rank of manager and above 12. Clearance/Letter request FEES: 1. Ordinary Agent- P300.00 2. General Agent – P5,000.00 SCHEDULE OF THE AVAILABILITY OF SERVICE Mondays-Fridays (except holidays), 8:00 AM - 5:00 PM HOW TO AVAIL OF THE SERVICE STEPS IN THE PROCESSING OF AGENT’S APPLICATION OFFICE ACTIVITY DURATION PERSON-IN-CHARGE 1 Submission Insurance company submits application and requirements to frontline personnel. The officer of the insurance company must submit the soft copy of the names and information of applicants for uploading in the database. Frontline personnel receives application and requirements. 3 minutes Test Technician II Personnel uploads or saves soft copy of agents’ information in the database. 5 minutes Insurance Specialist II 2 Evaluation of application The applications is entered in the book and assigned to an Action Officer for evaluation. The names are checked from the Negative List. 15 applications/hr for processing 50 application/hr for negative list Administrative Assistant Ii Insurance Specialist Ii Test Specialist II Senior Insurance Specialist 3 Approval The Chief or the authorized Action Officer approves, denies or returns the application for lacking requirements or incomplete information. 2 minutes Chief, Licensing Division Assigned officer 4 Return of applications The insurance company is required to get the applications - preparation of payment form for approved applications and compliance of requirements for unapproved applications. Discuss the those which require compliance with the Action Officer Applications are returned to the insurance company. A separate denial letter of the application may be issued. 3 minutes Test Technician II 10 minutes Action officer 5 Payment In case of approval of application, secure payment request form and proceed to the Cashier Section for payment. Present payment request form and application to the cashier. A receipt is issued. The transmittal letter and application with notes from cashier should be returned to Licensing Division Personnel issued payment request form. Cashier receives payment , issues receipt and writes the amount and receipt number in the transmittal letter or application 6 Preparation of license The personnel 1) attaches the corresponding 30 applications/hr license per application, 2) types the licenses and 17 license/hr 3) attaches the pictures 30 license/hr Administrative Assistant II Test Technician II Insurance Specialist II 7 The Chief of the Licensing Division signs the licenses. Personnel issues the licenses to insurance company Chief, Licensing Division All staff are required to issue the licenses Signing and issuance of license The insurance company receives the licenses of agents 3 minutes Test Technician II C/O Cashier Section 120 license/hr 5 min/transmittal letter