Insurance Commission on Potential Collaboration Between Insurance Broker and Tech Company
The Insurance Commission released Legal Opinion No. 2023-10 to address the feasibility of a potential collaboration between licensed insurance broker Philinsure and a Technology Company (Tech Co/TelCo).
The Commission opined that the Tech Co/Tel Co can act as a group master policy holder for individual and corporate clients alike. A juridical entity may be a member of a group policy so long as it shares a commonality among the rest of the group members.
Furthermore, as master policy holder, the Tech Co/Tel Co can act as payment facility administrator. Thus, it is required to continue customer-provider relationships between Tech Co/Tel Co and its clients for the period of the obligation to collect and transmit premiums.
As to the matter of delegation of certain acts of the policy holder to their insurance broker, the Commission said that there is no express prohibition to that effect under the laws and the rules.
However, it was clarified that the Tech Co/Tel Co’s acts of providing information on cyber-insurance is a form of information dissemination only. They are not considered to be for offering, soliciting, or selling cyber-insurance products.
The complete legal opinion may be accessed here.