IC CIRCULAR NO. 35-2010 STRICT IMPLEMENTATION OF THE PRESCRIBED PREMIUM RATES December 07, 2010

All accredited insurance providers and insurance intermediaries are hereby enjoined to apply strictly the prescribed premium rates summarized in Annex A hereof. Further, the agent’s commission for procuring the said coverage shall in no case exceed twenty per centum (20%) of the amount of the premiums therefore.

For violations of the prescribed rates, this Commission shall, after due notice and hearing, impose a fine of P500.00 per certificate per day and immediately revoke the accreditation and license issued to the insurance provider and/or the agent concerned.

For strict compliance.

Adopted: 07 December 2010

(SGD.) VIDA T. CHIONG
Deputy Insurance Commissioner
Officer-In-Charge



Table of Premiums for the Compulsory Insurance Coverage for Agency-Hired Migrant Workers Under RA 10022

 

Coverage Period	Gross Premium (US$)
		Land-based	Sea-based
	1 month		6.80		9.45
	2 months		13.60		18.90
	3 months		20.40		28.35
	4 months		27.20		37.80
	5 months		34.00		47.25
	6 months		40.80		56.70
	7 months		42.00		58.33
	8 months		48.00		66.67
	9 months		54.00		75.00
	10 months		60.00		83.33
	11 months		66.00		91.67
	1 year		72.00		100.00
	2 years		144.00		200.00
	n years		72 (n)		100 (n)