To regulate and supervise the insurance industry in accordance with the provisions of the Insurance Code in order to ensure that adequate insurance protection is available to the public at a fair and reasonable cost and to assure the financial stability of the insurance industry so that all legitimate claims of the insuring public are met promptly and equitably.

Objectives

To promote growth and financial stability of insurance companies 

To professionalize insurance services and develop insurance consciousness among the general     populace

To establish a sound national insurance market, and

To safeguard the rights and interest of the insuring people.