(NAR) VOL. 26 NO. 2/ APRIL - JUNE 2015
“To further promote professionalism on the workforce of the insurance industry and to protect the insuring public and other stakeholders, this Commission will establish a Negative List of officers and employees. In line with this, all Insurance and Reinsurance Brokers and Other Insurance Intermediaries must provide this Office with the list of your inactive as well as active officers and employees who may have been found guilty of, or with pending complaints filed against them before the company, any administrative body, or court for committing any of the following:
- willfully violating any provisions of the Insurance Code;
- intentionally making a material misstatement in his application to qualify as an officer or employee;
- attempting fraud, misrepresentation or dishonest practices,
- misappropriating or converting to his own use of illegally withholding moneys required to held in fiduciary capacity;
- materially misrepresenting the terms and condition of policies or contracts of insurance which his company has sold;
- materially misrepresenting the terms and conditions of policies or contracts of insurance which his company has sold.
The list must be duly certified to by a responsible officer, with a rank of at least Vice-President and submitted to the Commission not later than June
20, 2006 and thereafter, every 20th of the month. In case the company has no such mentioned officers and employees, it has to submit a certification to that effect.
A penalty of P1,000.00 each day of delay shall be imposed for failure to comply with the foregoing.”