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(NAR) VOL. 22 NO. 1, JANUARY - MARCH 2011
[ IC CIRCULAR NO. 35-2010, December 07, 2010 ]
STRICT IMPLEMENTATION OF THE PRESCRIBED PREMIUM RATES
All accredited insurance providers and insurance intermediaries are hereby enjoined to apply strictly the prescribed premium rates summarized in Annex A hereof. Further, the agent’s commission for procuring the said coverage shall in no case exceed twenty per centum (20%) of the amount of the premiums therefore.
For violations of the prescribed rates, this Commission shall, after due notice and hearing, impose a fine of P500.00 per certificate per day and immediately revoke the accreditation and license issued to the insurance provider and/or the agent concerned.
For strict compliance.
Adopted: 07 December 2010
(SGD.) VIDA T. CHIONG
Deputy Insurance Commissioner
Officer-In-Charge
Table of Premiums for the Compulsory Insurance Coverage for Agency-Hired Migrant Workers Under RA 10022
For violations of the prescribed rates, this Commission shall, after due notice and hearing, impose a fine of P500.00 per certificate per day and immediately revoke the accreditation and license issued to the insurance provider and/or the agent concerned.
For strict compliance.
Adopted: 07 December 2010
Deputy Insurance Commissioner
Officer-In-Charge
Annex "A"
1 month 6.80 9.45 2 months 13.60 18.90 3 months 20.40 28.35 4 months 27.20 37.80 5 months 34.00 47.25 6 months 40.80 56.70 7 months 42.00 58.33 8 months 48.00 66.67 9 months 54.00 75.00 10 months 60.00 83.33 11 months 66.00 91.67 1 year 72.00 100.00 2 years 144.00 200.00 n years 72 (n) 100 (n)