In the Philippines, operating in the insurance industry requires strict compliance with regulatory standards. All insurance companies must obtain a Certificate of Authority (COA) to operate legally. Equally important, employers and managers must ensure that all insurance staff hold valid and up-to-date insurance licenses. Insuring without a license can lead to legal penalties, fines, the suspension of business operations, and even imprisonment.
Below, we explain the different types of insurance licenses, their requirements, and how to get them.
What Is an Insurance License?
An insurance license is a legal authorization issued by the Insurance Commission (IC) that permits individuals or companies to engage in insurance-related activities. For individuals, this typically means the ability to sell or underwrite insurance products. For companies, it ensures that their staff can operate legally, sell policies, and manage risk in compliance with national regulations.
Holding an insurance license demonstrates that the licensee has met the professional, educational, and regulatory standards required by law.
Who Needs an Insurance License
In the Philippines, an insurance license is required for anyone directly involved in selling, underwriting, or managing insurance products. This includes:
- Insurance agents and brokers – Individuals who sell or distribute insurance policies on behalf of a licensed insurance company.
- Underwriters – Professionals responsible for assessing risk and approving insurance applications.
- Claims adjusters and evaluators – Those handling claims processing and risk evaluation.
- Corporate employees in insurance operations – Staff involved in policy administration, product development, or risk management, where the IC mandates licensing for certain positions.
Employers should ensure that all employees engaged in these roles hold valid and current licenses. Doing so keeps the company compliant with the Insurance Commission and protects the organization from legal penalties, financial liability, and reputational risk.
Licensing ensures that employees have the knowledge, competency, and regulatory authorization to conduct insurance activities safely and ethically, which is essential for maintaining trust with clients and partners.
Types of Insurance Licenses in the Philippines
Insurance licenses vary, each authorizing specific types of insurance activity:
- Life Insurance License – This license authorizes employees or companies to transact life insurance products such as term life, whole life, and endowment plans.
- Non-Life (General) Insurance License – Allows the sale of general insurance products, including fire, motor, marine, casualty, and surety insurance.
- Composite Insurance License – Grants authority to handle life and non-life insurance products.
- Variable Life Insurance License – An agent can sell life insurance policies with an investment component.
- Reinsurance License – For employees or companies providing reinsurance services to other insurance firms.
- Specialized or HMO License – For Health Maintenance Organizations and other niche insurance providers.
Understanding the types of licenses helps employers ensure compliance with IC regulations.
Documentary Requirements for Application
The Insurance Commission requires several documents for licensing, which typically include:
- Completed Application for Insurance Agent’s License form
- Endorsement by the sponsoring insurance company
- Proof of required insurance training or passing the IC qualifying exam (if applicable)
- Certification of good moral character (no conviction of crimes involving moral turpitude)
- Notarized application form signed by an authorized company representative
You may be asked to provide additional documentation depending on the type of insurance license.
How to Apply for an Insurance License
Here’s how companies and employees can apply for an insurance license:
- Prepare Requirements – Gather all documents, training certificates, exam results, and personal identification.
- Submit Application – Apply with the IC at the Licensing Division. Companies can assist employees with submissions.
- Pay Applicable Fees – Settle any application or processing fees the IC requires.
- Await Evaluation – The IC will review the application to ensure eligibility, compliance, and accuracy of documents.
- Receive License – Once approved, the IC issues the insurance license, allowing employees to engage in insurance activities legally.
- Maintain Compliance—To keep their licenses active, Licensed employees must meet continuing education requirements and adhere to regulatory standards.
Employers play a critical role in supporting employees throughout this process, including sponsoring training, guiding submissions, and tracking renewal deadlines.
If you have questions or need support with the process, contact Triple i Consulting. We’ll ensure your employees secure their licenses and fully comply with IC regulations.
How to Renew Your Insurance License
To renew your insurance agent’s license in the Philippines, follow these steps using the Insurance Commission’s Enhanced Licensing System (ELS), as outlined in Circular Letter No. 2022-03:
- Confirm Eligibility: Ensure your team meets the “actively engaged” requirement, earning the minimum amount of commissions over the three-year validity period for life, variable life, or non-life licenses.
- Prepare Documents:
- Completed, notarized Application Form signed by an authorized company representative (Vice-President or higher).
- Documentary Stamp Tax is affixed to the hard copy and reflected in the uploaded soft copy.
- The handwritten or electronic signature of the authorized representative is on the hard copy, reflected in the uploaded soft copy.
- List of agents’ names, license types, and commissions earned.
- Access the ELS: Log in to the ELS via your company’s account.
- Upload Documents: Submit digitized copies of all required documents in the specified format through the ELS portal.
- Pay Fees: Pay the renewal fee via designated online payment channels.
- Submit by Deadline: Late submissions may incur a penalty, cause complications, and potential delays.
- Track Status: Monitor the application status via the ELS and address any follow-up requests promptly.
Ensure all documents are complete and legible, as incomplete submissions will not be processed.
Final Thoughts
A fully licensed team ensures your company operates legally, maintains customer trust, and mitigates regulatory risks. By providing training, guidance, and support, companies not only help employees secure their licenses but also strengthen their organization’s overall professionalism and credibility. Triple i Consulting can help your team secure the necessary licenses and ensure you have all the legal documents required to operate smoothly and compliantly.
Are You Applying for Insurance Licenses for Your Team?
Applying for or renewing insurance licenses from the Philippines’ Insurance Commission (IC) can be a time-consuming and detailed process. Because of the strict documentation requirements and regulations, it’s easy to make a mistake or miss a step, leading to penalties or delays in your operations.
That’s where Triple i Consulting comes in. Our team of experienced lawyers and accountants provides comprehensive support for your business, so you don’t have to stress over the paperwork.
Contact us today to schedule an initial consultation with one of our experts:
- Fill out the form below
- Call us at: +63 (02) 8540-9623
- Send an email to: info@tripleiconsulting.com
