Insurance Commission Releases Amendments to Guidelines on E-Commerce of Insurance Products
The Insurance Commission (IC) released Circular Letter (CL) No. 2021-66 providing for amendments to the guidelines on electronic commerce of insurance products.
The issuance amends Circular Letter No. 2014-47 or the “Guidelines on Electronic Commerce of Insurance Products” and Circular Letter No. 2016-16.
In particular, the latest issuance amends Item 7.18 of CL No. 2014-47 which adds that, “Requests for approval of mobile applications shall be reviewed by the Regulation, Enforcement, and Prosecution Division for non-life insurance companies and by the Actuarial Division for life insurance companies, in coordination with the Information Systems Division.”
Moreover, Item 15.2 of CL 2014-47 is amended to include that at least 14 days prior to the roll-out of its system to support electronic commerce of insurance products, insurance providers should submit to the Commission “through the Regulation, Enforcement and Prosecution Division for non-life insurance companies and through the Actuarial Division for life insurance companies” documents such as: internet policy statements, the deed of undertaking to comply with guidelines signed by the president or chief executive officer, products and services with dates of approval offered through electronic commerce and the process flow, internet insurance security arrangements and policy, and for life insurance products previously approved by the Commission, a certification from the actuary of the insurance company or mutual benefit association that the premium rates are reasonable and remain adequate with supporting actuarial documents.
The full circular letter can be accessed here.