Message from the President
Welcome to the Philippine Life Insurance Association, Inc. (PLIA) website.
PLIA is the umbrella organization of all life insurance companies operating in the Philippines.
The life insurance industry is engaged in providing financial security as well as savings and investment instruments for the Filipino individuals and their families. It is an active contributor to the country’s social and national development through the significant investments in government bonds and securities that the industry makes; the insurance and corporate taxes that it pays to the government; and the Corporate Social Responsibility programs that it undertakes.
Our industry is currently in the midst of carrying out its structural reform agenda in the areas of legislation and taxation. The structural changes we are seeking are expected to create an enabling operating environment that will be conducive to business growth and lifting the quality of services to policyholders.
We hope that the PLIA website will be able to provide you some fundamental information about the Philippine life insurance industry and the financial benefits that its products and services offer.
Mabuhay!
Purposes of PLIA
- To propagate and spread the concept, principles and benefits of life insurance, and to this end conduct educational campaign, training seminars, workshops, conference and lectures;
- To develop and implement through its members ethical norms for underwriting and management of life insurance;
- To serve as a forum for exchanging ideas and information; and for clarifying and harmonizing conflicting on matters of concern to the life insurance industry in general and the members companies in particular;
- To act as the vehicle through which problems and issues common to the life insurance industry in general may be threshed out; determined and resolved in the interest of all the members companies;
- To serve as liaison with national, regional and international organization and agencies, both governmental and non-governmental, concerned with the development, improvement and supervision of life insurance institutions;
- To promote goodwill, cooperation and understanding among the officers and staff of the members companies.
Latest Developments in the Life Insurance Industry
1. Senate conducts first hearing on Insurance Code amendments bill
The Senate was able to hold a hearing on the Insurance Code Amendments bill last March 8, 2012 during its two-week break from the impeachment trial of Chief Justice Corona. The industry was represented by its designated spokespersons: Insurance Commissioner Atty. Emmanuel Dooc and PLIA”s Director-in-Charge for the Legal & Legislative Committee Atty. Alfredo Tumacder, Jr. Other officers of PLIA and the IC were also there in support of the industry.
2. Insurance Commission conducts consultation hearings on capitalization
Hearings were conducted by the Insurance Commission on March 15 and 22, 2012 on the draft Department of Finance Order that prescribes buildup of capitalization of insurance companies to Php 1 billion by 2016. Insurers raised various concerns about the planned order and its negative consequences to the industry, especially to the future of small and medium companies. The industry players also asked the IC and DOF for a justification or the formulation that went behind the determination of the Php 1 billion requirement by 2016.
3. IC and PLIA hold joint press briefing
To dispel growing public anxiety over the controversy surrounding the Stay Order given by the Insurance Commission to Prudentialife Plans, the IC and PLIA held a joint press briefing on February 14, 2012 at the Insurance Commission office where: (a) PLIA President Gregorio D. Mercado assured the public about the continuing growth of the life insurance industry – as evidenced by the 21% increase in premium income in 2011/2010 and its 23% growth posted in 2010/2009 – as well as its financial health owing to the prudential regulations and effective monitoring mechanism of the IC, plus the consistent compliance of the industry players.
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