Guidelines on the Electronic Submission of the Enhanced Performance Indicators and Standards for Microinsurance
The Insurance Commission released guidelines on the electronic Submission of the Enhanced Performance Indicators and Standards for Microinsurance (SEGURO) last July 31, 2023 in Circular Letter No. 2023-20. This is in relation to Circular Letter No. 2016-63 which set the Microinsurance industry benchmarks in assessing and evaluating the operations of all Microinsurance providers. It mandated that providers submit the set of Enhanced Performance Indicators and Standards for Microinsurance annually, on or before April 30 of each year.
The released guideline applies to all submissions of the 2022 SEGURO and attachments by life and non-life companies, mutual benefit associations and cooperative insurance societies engaged in Microinsurance business. Submissions will be uploaded through the IC Online Uploading Portal via https://onuploading.insurance.gov.ph/templates on or before September 29, 2023. Delay in submission will result in a Php 500.00 fine for each calendar day of delay, but in no case shall the total penalty exceed Php 50,000.00. In addition, any microinsurance provider incurring a penalty of Php 50,000.00 shall be given a warning or have their licence suspended or revoked, at the discretion of the Insurance Commissioner.
The guideline also provides a checklist of supporting documents to be submitted via the provided portal, including a sample of said submissions in its annex.
The full Insurance Commission Circular Letter No. 2023-20 can be accessed here.