To regulate and supervise the insurance, pre-need, and HMO industries in accordance with the provisions of the Insurance Code, as amended, Pre-Need Code of the Philippines, and Executive Order No. 192 (s. 2015)
- RA No. 10607 entitled, “AN ACT STRENGTHENING THE INSURANCE INDUSTRY, FURTHER AMENDING PRESIDENTIAL DECREE NO. 612, OTHERWISE KNOWN AS “THE INSURANCE CODE”, AS AMENDED BY PRESIDENTIAL DECREE NOS. 1141, 1280, 1455, 1460, 1814 AND 1981, AND BATAS PAMBANSA BLG. 874, AND FOR OTHER PURPOSES”; otherwise known as The Insurance Code, as amended.
- RA No. 9829 entitled, “AN ACT ESTABLISHING THE PRE-NEED CODE OF THE PHILlPPlNES”; otherwise known as the “Pre-Need Code of the Philippines”.
- EO No. 192 (s. 2015) entitled, “TRANSFERRING THE REGULATION AND SUPERVISION OVER HEALTH MAINTENANCE ORGANIZATIONS FROM THE DEPARTMENT OF HEALTH TO THE INSURANCE COMMISSION, DIRECTING THE IMPLEMENTATION THEREOF AND FOR OTHER PURPOSES”
- To promote growth and financial stability of insurance, pre-need, and HMO companies
- To professionalize insurance, pre-need, and HMO services, and develop insurance, pre-need, and HMO consciousness among the general populace
- To establish a sound national insurance market
- To safeguard the rights and interest of the insuring public, pre-need and HMO customers
- Promulgation and implementation of policies, rules and regulations governing the operations of entities engaged in insurance, pre-need, and HMO activities as well as benevolent features
- Licensing of insurance, reinsurance companies, its intermediaries, mutual benefit associations, trusts for charitable uses, pre-need companies, pre-need intermediaries, and HMO companies
- Conducting insurance agent’s examinations, as well as processing of reinsurance treaties and request for investments of insurance companies
- Examination/verification of the financial condition and methods of doing business of entities engaged in insurance business, pre-need, mutual benefit associations, trusts for charitable uses, and HMO companies
- Evaluation and preparation of statistical reports, studies, researches, annual reports, and position papers relative to insurance, pre-need matters, and HMO matters
- Review of premium rates imposed by life and non-life companies, mutual benefit associations; statistical reports of adjusters to determine compliance with established standards.
- Adjudication of claims and complaints involving loss, damage or liability incurred by an insurer under any kind of policy or contract of insurance or suretyship;
- Review and approval of all life and non-life policies, pre-need, and HMO plans before sale to prospective clients.