GRANTING OF CERTIFICATE OF REGISTRATION AS RESIDENT AGENT
OF AN UNAUTHORIZED FOREIGN INSURER OR BROKER
Insurance Commission, 1071 United Nations Avenue, Manila
Telephone Nos. 523-8461 to 70
Head of Agency: Hon. Emmanuel F. Dooc, Insurance Commissioner
E-mail address:
[email protected]ABOUT THE SERVICE
A resident agent is a person duly appointed by a foreign insurer or broker not authorized to do business in the Philippines to receive in
its behalf notices, summons and legal processes in connection with actions or other legal proceedings against such foreign insurer or broker.
The Insurance Code requires registration of resident agent with the Commission before acting as such. The certificate of regi stration issued to a
resident agent expires on the thirtieth day of June of the year following its issuance unless it is renewed.
WHO MAY AVAIL OF THE SERVICE
Any person who intends to perform the function of a resident agent.
REQUIREMENTS
1. Accomplished application form (duly notarized)
2. Copy of the power of attorney duly notarized and authenticated by the Philippine Consul (compliant with Sec. 315, Insurance Code)
3. Copy of the certificate of authority or license or registration certificate of the principal duly certified by the insurance supervisory authority or its
equivalent where said principal is authorized to do insurance business
4. Copy of the audited financial statements of principal for the last three (3) years
5. Income Tax Return or verified copy thereof of applicant
6. Copy of the current Errors and Omissions Policy of the foreign principal insurance broker
7. Documentary stamp (P15.00)
FEES: P 10,000.00
SCHEDULE OF THE AVAILABILITY OF SERVICE
Mondays-Fridays (except holidays) 8:00 AM - 5:00 PM
HOW TO AVAIL OF THE SERVI CE
STEPS IN THE PROCESSING OF
APPLICATION AS RESIDENT AGENT
OFFICE ACTIVITY
DURATION
PERSON-IN-CHARGE
Submission
Applicant submits application and
requirements to frontline officer of the Licensing
Division.
Frontline personnel receives application and
requirements.
2 minutes
Test Technician II
Personnel conducts preliminary assessment.
10 minutes
Evaluation of application
Action officer evaluates the application and
requirements, conducts research and prepares
draft Recommendation/action letter.
3 hours
Senior Insurance Specialist
Insurance Specialist II
Test Specialist II
Chief, Licensing Division
Conference and Interview (optional)
Applicant presents himself/herself for interview
and discussion of issues.
The interview or conference may be conducted
by the Licensing Division.
30 minutes
Action officer
Chief, Licensing Division
Recommendation and Review
Recommendation/action letter is prepared by
the Licensing Division and submitted to the
Deputy Commissioner.
1 hour
Chief, Licensing Division
Deputy Commissioner reviews the
recommendation/action letter, conducts
interview (optional) and makes recommendation
to the Commissioner.
Deputy Commissioner
Approval
Commissioner acts on the application and
takes action on the recommendation/action
letter.
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 issues payment request form.
Preparation and issuance of license
Get the signed license in the Deputy
Commissioners Office on the third day from date
of payment.
The draft license is prepared and submitted by
the Licensing Division to the Deputy
Commissioner for signing by the
Commissioner.
Insurance Commissioner
3 minutes
Cashier receives payment , issues receipt and
writes the amount and receipt number in the
transmittal letter or application.
Test Technician II
Cashier
10 minutes
Administrative Assistant II
Chief, Licensing Division
Deputy Commissioner forwards the draft
license to the Commissioner.
Deputy Commissioner
Commissioner signs the license and returns it to
the Deputy Commissioner for release.
Insurance Commissioner
