[FOR YOUR INFO] Regulator warns public on unlicensed insurers
THE Insurance Commission (IC) has warned the public against two unlicensed entities selling insurance products.
In a statement last Wednesday, the IC said it has recently issued Notices to Explain to Miler Insurance and Insuro’s Insurance Services, which were discovered to have been conducting business without the necessary certificates of authority from the regulator.
“This may be an opportune time to warn the public, for their protection and peace of mind, to transact only with companies that have been duly licensed by the Insurance Commission,” Insurance Commissioner Dennis B. Funa said.
According to the IC, a company called Miler Insurance is reportedly selling insurance products through Facebook and its company web site without the necessary license to act as a non-life insurance company or as an insurance agent.
The IC cited the Facebook page of Miler Insurance that described the firm as “an emerging non-life insurance company, [which] aims to make a more friendly [sic] atmosphere for our clients and business partners.” Additionally, its Facebook page also indicates that there are already reviews written by different individuals that have apparently transacted with Miler Insurance, according to the IC.
Meanwhile, another unlicensed entity called Insuro’s Insurance Services was also found to have been selling insurance products through Facebook wherein it identifies itself as a “consulting agency” and an “insurance agent” offering motor car, property, marine, liability, engineering and personal accident insurance products.
Based on the records of the IC, Insuro’s Insurance Services does not have a certificate of authority to act as an insurance agent, according to the regulator. The IC said Insuro’s merely has a pending application for the issuance of an insurance agent’s license.
Funa vowed that they will continue their crackdown against these kinds of entities. The Commission also said the lists of licensed regulated entities are available on its web site.
“The public can likewise be assured that your Insurance Commission will be relentless in taking down unlicensed entities for the security and safety of the insurance, pre need, and health maintenance organization markets,” Funa added.
Based on the latest lists on its web site, the IC has so far licensed 26 life insurance companies, 52 non-life insurance companies, five composite (life and non-life) insurance companies, one professional reinsurer, seven servicing insurance companies, four pre-need companies, one servicing pre-need company, 29 health maintenance organizations and 36 mutual benefit associations.