Insurance regulator collections up nearly 4% to P518.69M

THE INSURANCE regulator said fee collections rose 3.83% in 2023 to P518.69 million, citing strong growth in product registration fees.

The Insurance Commission said the increase in fees collected is “attributable to the 10.04% increase in Registration Fees for Product Approvals and the 14.12% increase in Examination Fees.”

Registration fees for product approvals amounted to P61.9 million, up from P56.25 million a year earlier.

Of the total, P52.57 million was generated by pre-need and health maintenance organizations (HMOs), while P9.34 million was paid by life and non-life insurers.

Meanwhile, examination fees amounted to P148.59 million last year, up from P130.21 million in 2022. All examination fees were collected from life and non-life companies.

Certificate of authority fees fell 3.39% to P188.31 million, with P180.19 million paid by life and non-life insurers and P8.13 million generated by pre-need companies and HMOs. Processing fees declined 7.19% to P11.96 million. Of the total, P11.72 million came from life and non-life insurance companies, and P238,000 from pre-need companies and HMOs.

Meanwhile, supervision fees rose 3.02% year on year to P25.02 million. Some P22.1 million was generated by the life and nonlife sector, while the remaining P2.92 million was raised from the pre-need and HMO industries.

Certification fees rose 2.01% to P73.66 million in 2023, of which P73.6 million were raised from life and non-life insurers, while P55.23 million came from the pre-need and HMO sector.

Filing fees rose 0.81% to P6.63 million, with P5.63 million collected from life and non-life insurers, and P995,000 from the pre-need and HMO industry.

Accreditation fees rose 22.53% to P1.8 million, with P1.71 million generated from life and non-life insurance companies and P82.5 million from pre-need and HMO firms.