LIFE and non-life insurance companies are now allowed to remotely sell their products, according to the Insurance Commission (IC). In a circular dated and released on November 26, Insurance Commission Dennis Funa said the IC has found the need to institutionalize remote selling of insurance products to the public as a permanent mode of selling even after the coronavirus disease 2019 (Covid-19) pandemic. The commission initially allowed remote selling of life and non-life insurance products during and after the enhanced community quarantine period to aid the industry during the pandemic. “Life and non-life insurance companies are hereby allowed to utilize remote selling initiatives in the sale of their products, regardless of amount of premium payable on the policy sold,” Funa announced. Funa said the latest IC move was part of government’s aim to increase insurance penetration in the country to ensure financial protection, especially during times of unforeseen crises and to promote financial inclusion.

Source: Manila Times November 26, 2020 06:45 UTC