NBFIRA cracks down on insurance vice

Friday, July 30, 2010

As part of a crackdown on maladministration in the industry, the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) reportedly fined a local broker P200, 000 for employing unqualified life insurance agents recently.

According to the Insurance Act, all insurance sales agents are required to possess the Certificate of Proficiency (CoP) as a minimum qualification while the NBFIRA Act prescribes penalties for brokers, insurance companies and other entities that violate the provision.

This week, it emerged that the broker reached a payment schedule for the P200, 000 fine, arguing that a once-off payment would dent its operations.

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NBFIRA cracks down on insurance vice

As part of a crackdown on maladministration in the industry, the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) reportedly fined a local broker P200, 000 for employing unqualified life insurance agents recently.