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INSURANCE AS A SAVINGS
By: Fr. Emeterio Barcelon
http://www.mb.com.ph/OPED2004062512590.html
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INSURANCE
is a form of savings. Insurance or mutual benefit
schemes are needed by the poor
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even
more than the rich. A problem is that available coverage
for life insurance at present requires over R200 premium
payments a month and this is beyond the capability
of most of the entrepreneurial poor serviced by the
micro finance organizations. Savings, even before
they have reached a needed amount, as for example
burial expenses, will already be available if the
savings are deposited in an insurance firm or mutual
benefit association.
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Insurance
is a question of numbers. In the Milamdec experience,
the original agreement
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between
the members of the micro finance groups was that they
would contribute R10 for anyone among the members
who dies. But they found this "ambagan"
system cumbersome. The deaths might occur at a time
when the other members would be short of cash. They
preferred to contribute R150 every six months to be
entitled to R30,000 benefit for death and cover of
their loan liabilities. This turns out to about R25
premium a month in contrast to the R200 a month of
the regular insurance companies. This life insurance
has become quite popular among the members of the
micro finance groups so that many have insisted that
their husbands also be covered.
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The
history of insurance includes the mutual coverage
practiced by the Chinese junks going
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down
the Yangtse River over two thousand years ago. A side
effect of this was the creation of a pool of funds
from which to capitalize ventures. In New England,
the pioneer settlers were particularly noted for their
practice of insurance. As a result even today some
of the largest insurance companies in the world trace
their roots to New England.
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A
big contributor to this emphasis on savings and insurance
was what became known as the
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Protestant
Ethic. The gist of it was that the blessing of God
extended to life on this earth. The reasoning was
that if a person became destitute it was because God
was displeased with him. The opposite was also true
that if a person had material resources, it was a
sign that God was pleased with him and would also
reward him in the next life.
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Everyone,
therefore, strove to have savings to stave off destitution
or poverty. This became
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part
of the strength of the insurance system of New England.
Life insurance is rather simple to provide especially
with relatively young participants. The more difficult
insurance is health insurance. Even the health insurance
of the United States gets into difficult straits and
has to be bailed out by the national government. The
local poor normally need about R2,000 for medicines
when they get sick but this can be covered with personal
savings. It is when the patient has to be hospitalized
that the costs go up considerably. This usually needs
a higher premium to cover hospital stay, which is
also uncertain as to its duration.
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Right
now, many people in the rural areas cannot afford
the premium to cover this contin-
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gency.
The government health insurance system is the only
available and practical solution. Perhaps only about
30 percent in this country carry insurance in contrast
to countries like Japan where they figure its citizens
are covered 105 percent or more. The pooling of savings
by insurance schemes has the beneficial side effect
of creating funds that can be used for investments.
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Tailoring
the insurance premiums and the benefits for life insurance
is a question of numbers.
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Health
insurance is a different matter and more complicated.
Coverage of loan repayment is also easy.
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SISON
TAXES ON LIFE INSURANCE POLICIES TO BE ABOLISHED
By
Mark Allen Sison
10/7/2003 5:10:23 AM * SunStar Network Online
http://www.sunstar.com.ph/static/pam/2003/10/07/oped/mark.allen.sison.html
|
|
TO
STRENGTHEN the life insurance industry,
this is considered a vital source of long-term
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|
savings,
the committee on ways and means approved
a proposal abolishing the premium tax and
documentary stamp tax on life insurance
policies and annuities.
|
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|
Contained
in a substitute bill to House Bill 5049
filed by Rep. Julio Ledesma IV (1st District,
|
|
Negros
Occidental), the proposal, in effect, seeks
to repeal Section 123 and amend Sections
183 and 186 of the National Internal Revenue
Code (NIRC), as amended.
|
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|
In
the explanatory note to HB 5049, Ledesma
said that the imposition of any tax on the
life
|
|
insurance
policy only serves to increase the cost
of savings through life insurance and, thus,
diminishes its attractiveness as an economic
vehicle for long-term savings accumulation.
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|
"By
abolishing the premium tax and documentary
stamp tax on the life insurance policies
and
|
|
annuities,
we will be able to strengthen the life insurance
industry as well as promote the industry's
ability to generate long term funds for
the economy," he said.
|
| |
Under
the proposal, the imposition of tax on life
insurance premium as provided under Section
|
| 123
of the NIRC shall be abolished. The measure
also provides that no documentary stamp tax
shall be collected on life insurance policies,
policies of annuities and pre-need plans with
premium paying period exceeding five years.
|
| |
In
their respective position papers submitted
to the Committee, the Insurance Commission |
| and
the Philippine Life Insurance Association,
Inc. (PLIA) expressed their full support for
the immediate passage of the measure. |
| |
Insurance
Commissioner Eduardo Malinis supported the
notion that heavy taxes on the life |
| insurance
industry serve as a strong disincentive to
buy life insurance products. He said the enactment
of the proposed law would enhance the capacity
of the industry to mobilize savings. |
| |
Jose
Cuisia Jr., president of the PLIA, likewise
averred that the initiative to reduce, if
not
|
| totally
abolish, the premium tax and the documentary
stamp tax on life insurance policies is a
"badly needed shot-in-the-arm which will
spur the growth of the insurance industry
and sustain its role as an enduring pillar
of the economy." |
| |
On
the other hand, the Department of Finance
(DOF) stated in its position paper that
the de-
|
| partment
is open to considering a new indirect tax
structure for life insurance business to institute
a fairer and more equitable tax system. The
department is batting for the taxation of
only the non-saving portion of the premium
and the possible inclusion of the life insurance
companies' investment income into the tax
net. |
| |
On
the imposition of the documentary stamp tax
on all life insurance policies,the DOF is
taking |
|
the
position of maintaining the rate at 0.25
percent but changing the tax base from the
contract amount to the amount of premium
paid. (October 5, 2003 issue)
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INSURANCE
FIRMS BOUND TO DISCLOSURE RULES OF IC
http://www.mb.com.ph/issues/2004/03/22/BSNS200403225450.html
By LEE C. CHIPONGIAN
| |
The
Insurance Commission has released the guidelines for
the general disclosure of corporate |
| governance
practices of insurance companies, reinsurers and intermediaries
in preparation for its industry data update. |
| |
“This
would serve as guides for insurers (in order to) comply
with IC disclosure rules,” IC chief |
| Eduardo
T. Malinis said. According to Circular Letter No. 3-2004
issued this month, insurance firms are directed to comply
with the IC’s disclosure procedures with regards
to corporate governance practices. Malinis said the
rules are “for strict compliance.” |
| |
Based
on the circular, insurers and reinsurers are asked to
submit an IC form, which will be |
| accomplished
by a compliance officer and signed jointly with the
company president or chief executive officer for authentication.
This will be submitted under oath not later than April
30 this year. |
| |
The
circular directs companies to disclose all material
matters including financial condition, |
| performance,
ownership and governance of the company. Under its financial
reporting procedures, the agency maintains that all
insurers and reinsurers have “ensured faithful
compliance with the financial and other reportorial
requirements under the Insurance Code.” “The
(company) board should ensure access to relevant information
to all parties with legitimate interests in the firm,”
the IC said. |
| |
Other
issues and practices, which require proper disclosures,
are board composition, their |
| responsibility
and qualifications especially the president and CEO.
“In sum, (the board) should have fostered the
long-term success of the company in a manner consistent
with its fiduciary responsibility,” Malinis said.
|
| |
Also
requiring disclosure is insurers’ corporate independence
policies, including group structure |
| and
related-party transactions, and that the provisions
of Title 20, Chapter 3 of the Insurance Code have been
complied with. |
| |
The
companies licensed by the IC should also maintain internal
control and operational risk |
| management,
as well as transparency. “(Insurers) should ensure
effective system of controls to protect company’s
assets,” the agency said. |
| |
The
circular is part of the IC effort to update the 1964
Insurance Code, according to current |
| standards
and systems. “Efforts have been made to amend
the law, but we’ve written significant (department)
orders in the past to bring the code updated from time
to time,” Malinis said earlier. |
| |
The
last revision made was in 1978 and even these changes
have been overtaken by |
| industry
expansions. |
| |
The
IC Investment Advisory Committee has prepared several
recommendations and other |
| provisions
to amend the 39-year-old insurance law. Most of the
changes would be on general disclosures and insurance
investments. |
| |
Malinis
said revisions to the Insurance Code are now under review,
including proposals to |
| strengthen
the IC supervisory powers, particularly insolvency monitoring,
to make sure that life and nonlife companies maintain
a certain level of financial security to meet policy
contracts when they mature. |
|
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HIGHER
DEPOSIT INSURANCE TAKES EFFECT
http://www.mb.com.ph/issues/2004/08/12/BSNS2004081216123.html
| |
The
law increasing the maximum insurance coverage for deposits
from P100,000 to P250,000 |
|
takes effect today. |
| |
Republic
Act 9302, which amended the Charter of the Philippine
Deposit Insurance Corporation |
|
(PDIC), bestows greater depositor protection to some
26 million depositors and strengthens the capabilities
of the PDIC to promote greater public confidence in
banks and foster stability in the banking system. The
law enhances PDIC’s role as deposit insurer, risk
minimizer and statutory receiver/liquidator of closed
banks.
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|
The
increase in the maximum deposit insurance coverage (MDIC)
at R250,000 deposit
|
|
insurance
fully insures 96 percent of the total number of deposit
accounts in the banking system. RA 9302 also ensures
uninterrupted deposit insurance to bank depositors as
the law revoked PDIC’s authority to terminate
insurance of banks.
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|
The
depositing public will also benefit from strengthened
bank supervision with the restoration
|
|
of
PDIC’s authority to examine member banks, with
the prior approval of the Monetary Board. This is expected
to enhance early detection of problems and the management
of risks in banks, in close coordination with the Bangko
Sentral ng Pilipinas (BSP).
|
| |
The
law also provides for stiffer penalties for erring bank
owners and officials found engaging |
| in
unsafe and unsound banking practices from up to 12 years
in prison and civil penalties of fines up to R2 million. |
| |
PDIC
is also allowed under the new law to set standards for
deposit-record keeping to hasten |
| processing
of deposit insurance claims, in case of bank closures.
RA 9302 also strengthens market discipline as it provides
deterrents to depositors to split large deposit accounts
in a bank to get around the insurance limit and to chase
after high deposit interest rates. |
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INSURANCE
INDUSTRY FORECASTS 15% GROWTH
http://www.mb.com.ph/issues/2004/03/21/BSNS200403215295.html
By LEE C. CHIPONGIAN
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|
The
insurance industry is forecasting a 10-15 percent
industry growth this year based on
|
|
premium
generation as the economy and businesses exhibit robust
performance in the next 18 months.
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|
"The
insurance sector was stable in 2003 but since we see
better economy this year we
|
|
expect
to increase industry income and sales by at least
15 percent," according to Philippine Life Insurance
Association president Jose L. Cuisia Jr.
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Cuisia
is banking on increased business activity during the
election weeks when
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|
consumer
spending will expand.
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|
"2004
is an election year and the money circulation is expected
to double. When people has
|
|
money
or dispensable cash, they can buy anything (including)
insurance," he added. The Philippine presidential
election will be held in May.
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|
In
the meantime the R250-billion life insurance sector
has reiterated its appeal to government
|
|
to
approve a list of incentives to enhance its ability
to mobilize long-term instruments and encourage financial
savings.
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|
Cuisia
as PLIA chief said insurance is a natural source of
long-term capital to bolster economic
|
|
development.
To absorb the funds and re-invest these in securities
and other instruments, the industry is asking the
Insurance Commission to grant them incentives in the
form of tax perks to support its long-term investments.
|
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|
They
argued that since the industry is a natural ally in
the campaign to develop a well-
|
|
functioning
fixed-income or bond market, it should be accorded
enough incentives.
PLIA said in the past, capital mobilization has been
dependent on the banking sector, but it failed to
deliver satisfactory returns since banks are more
short-term in nature. Long-term sources of investments
have diversified the capital from industrial, agricultural
and development financing.
The insurance sector is the best alternative as source
of capital, or as an alternative to banks, which are
now cautious in lending out funds because of the higher
than expected non-performing assets and defaulted
loans. The banking sector is now trying to clean up
its illiquid state through special purpose vehicle
units.
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|
The
group said efforts to revive a healthy banking business
"points out to the crying need to
|
|
develop
a full-pledged bond market and the corresponding regulatory
and institutional infrastructure." The insurance
industry said they could provide the products and
services, technical expertise in actuarial science
to mobilize investments.
|
| |
The
IC is set to work with industry players to expand
market structure and help insurers
|
penetrate
a bigger share of the population to mobilize savings.
These savings tapped by insurers are invested primarily
in long-term investment instruments, which is capital for
economic expansion. The offering of long-term fixed rate
treasury notes by the government was a welcome development
for the life insurance industry.
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| |
PROPOSED
IC OVERSIGHT on SSS, GSIS REVIEWED
http://www.mb.com.ph/issues/2004/07/19/BSNS2004071914398.html
| |
The
Department of Finance is currently reviewing the proposal
from the Insurance
|
|
Commission
to increase its supervisory power over the Social Security
System and the Government Service Insurance System.
|
| |
Based
on the submitted proposal for a memorandum circular,
IC Commissioner Eduardo T.
|
|
Malinis
said the agency, an attached unit of the DoF, would
have to require both SSS and GSIS to submit contracts
and other “endorsements” for evaluation,
including insurance policies, which have already been
subjected to actuarial findings.
|
| |
The
social security institutions would also have to submit
technical reserves, premium rates
|
|
and
the corresponding actuarial basis for such policies.
The submissions of these documents would have to be
certified by an actuarian to endow “reasonableness
of the premium rates and adequacy of reserves.”
|
| |
This
is in line with the provision of Section 246 of the
Insurance Code and the respective
|
|
charters
of
the SSS and GSIS, which empowers the commission to conduct
an examination of the financial condition and business
methods of the two SSI at periodic intervals. It was
reported earlier that the DoF is not too happy about
allowing the IC more power authority over the SSS and
GSIS through an administrative order. The DoF asked
the IC to review the legality of the draft AO.
|
| |
The
AO specifically suggests that the IC will have power
to examine various operations of the
|
|
pension
funds, including their investment activities, thus extending
its authority. The proposals will complement the commission’s
effort to up-date the 1964 Insurance Code to make the
law “relevant” according to current standards
and systems.
|
| |
The
IC Investment Advisory Committee has prepared several
recommendations and other pro-
|
| visions
to amend the 39-year-old insurance law. |
| |
Malinis
said earlier that most of the changes would be on how
insurance investments would be
|
| treated
and monitored by the agency. |
| |
Malinis
said proposed revisions to the Code are now under review.
Also in review are other
|
|
proposals
to strengthen the IC supervisory powers, particularly
insolvency monitoring, to make sure that life and non-life
companies maintain a certain level of financial security
to meet policy contracts when they mature.
|
| |
This
is part and parcel of the overall review of the industry
and what more the IC could do to
|
develop
market structure while maintaining a monitored environment.
(LCC)
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IC
MONITORS INSURANCE FIRMS' CAPITAL ADEQUACY
http://www.mb.com.ph/issues/2004/05/30/BSNS2004053010679.html
By LEE C. CHIPONGIAN
| |
The
Insurance Commission is monitoring compliance to the higher
paid-up capital requirement |
| for
all insurance and reinsurance brokers and agents to ensure
that funds do not run dry. |
| |
At
the same time,the IC an attached agency of the Department
of Finance, is also encoura-
|
|
ging
the industry to boost its reserve fund, especially non-life
companies which have more underwriting risks. Non-life
insurers are highly dependent on reinsurers and resources
should always be guaranteed. Insurers cover only 5 to
10 percent of losses but without a reserve fund, insured
losses are compromised.
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|
At
the moment the Philippine insurance sector is dependent
on international reinsurance
|
|
support.
To protect planholders and ensure fund availability,
the IC issued a circular last month directing brokers
and agents to increase their paid-up capital and maintain
a minimum of R500, 000 for reinsurance brokers and R250,000
for general agents. The commission is going the rounds
to make sure that companies are complying.
|
|
|
IC
chief Eduardo T. Malinis said that the increase in paid-up
capital would protect the insuring
|
|
public
and avoid companies with "expenses more than their
income" and prevent capital deficiencies, which
"undermine (insurers) responsibility."
|
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|
The
commission last issued a department order in July 2002
increasing paidup capital of
|
|
insurance
companies from R30 million to R50 million,
which is the minimum. Presently the IC is helping the
non-life sector establish a reserve buffer fund. The
support will insure losses caused by natural causes,
such as damage brought about by typhoons, floods, etc.
In most cases, since the industry lacks a back-up fund,
it is the state that shoulders insurance concerns of
these unpredictable events.
|
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|
The
IC is hoping that the establishment of the reserve fund
would encourage global reinsures
|
|
to
provide local non-life policy issuers the support they
require. The government recognizes the insurance sector’s
worth as an indicator of economic development. Savings
tapped by insurers are invested primarily in long-term
investment instruments, which is capital for economic
expansion. However this is true only for life insurers
since non-life are short-term in nature and lack the
capacity for long-term investments.
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| |
UNIFIED
REGULATION OF 3 SECTORS eyed SEC EXPLORES OPTION
http://www.mb.com.ph/issues/2004/04/29/BSNS200404298391.html
By ANA MARIE MACUJA
|
|
The
Securities and Exchange Commission is exploring an option
to move into a unified regula-
|
|
tion
of the country’s banking, securities and insurance
industries.
|
|
|
In
line with his, Securities and Exchange Commission (SEC)Chair
Lilia R. Bautista said they may
|
|
look
into how Singapore integrated its entire financial sector.The
Monetary Authority of Singapore was the first integrated
supervisor, which combined banking supervision with
insurance and the securities industries in 1971 and
1984, respectively.Bautista said adopting Singapore’s
model would need a legislation to incorporate securities
and insurance within the Central Bank. “This would
make the Central Bank a very powerful body but there
would be economies of scale and there would be no regulatory
arbitrage,” she said.Under a Singporean model
of unified regulation, Bautista said the government
may also explore the option of designating three Deputy
Governors to form part of the Monetary Board. The three,
she said would handle the three areas of banks, insurance
and securities.
|
|
|
“This
would enable the Monetary Board to concentrate on monetary
policies and set direction
|
|
over
regulatory policies. It need not be bothered by the
audit of banks, brokers, listed companies and insurance
companies. The three regulators must be part of the
Monetary Board so that it can be guided in its policy
role,” Bautista said.
|
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|
Unified
financial sector regulation refers to the establishment
of a single supervisor for the
|
|
entire
entire financial sector or by centralizing in one agency
the powers to supervise at least two of the main financial
intermediaries (such as banking with insurance, banking
with securities or securities with insurance). As of
end-2002, 46 countries had adopted unified regulation.
Those who have recently adopted a unified regulation
include Estonia, Germany, Ireland and Malta.
|
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|
In
a recent survey conducted by the World Bank, the major
reasons cited by countries for
|
|
adopting
a unified regulation are the need to better supervise
a financial system moving towards universal banking
and, the need to resolve problems resulting from poor
communication and a lack of cooperation among existing
supervisory countries.
|
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|
Meantime
in the current Philippine setup, regulation of banks,
securities and insurance indus-
|
|
tries
is under three different government agencies. The Bangko
Sentral ng Pilipinas (BSP) is in charge of regulating
banks while the SEC supervises pre-need companies, investment
houses, financing agencies, brokerage firms, listed
companies and stock exchanges. The Insurance Commission
(IC), on the other hand, is the regulator of non-life
and life insurance companies.
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| |
INSURANCE
FOR THE POOR
http://www.mb.com.ph/issues/2004/03/12/OPED200403124613.html
|
|
The
poor need insurance more than the wealthy and yet it
is the poor who are left out in our
|
|
system.
Insurance is a form of anticipating inevitable expenses.
It also breaks down those expenses into manageable bites
as well as being a form of savings.
|
|
|
A
few years back, this country was only 15 percent covered
with life insurance. The percen-
|
|
tages
must be better now but that is far from countries like
Japan where they report coverage of 105 percent. The
industry divides itself into life and non-life. SSS
and GSIS cover mostly life insurance. While they are
the largest insurers in the country, they still do not
cover the farmers and a large section of the country.
|
|
|
Some
put it facetiously that it is expensive to die nowadays.
This is a reality. For the poor,
|
|
burial
expenses are a heavy burden for which there is no provision.
They turn to neighbors who chip in what they can. Some
form of gambling is often used at wakes at times abused
by unscrupulous characters to make an extra buck. Savvy
politicians put aside funds for caskets and burial assistance
for which they collect at election time. In micro-finance
operations, mutual benefit contributions to a fund has
been a great help and the borrowers often demand to
have their spouses also covered. These mutual benefit
funds are turning out to be a good fund source for micro-finance
operations.
|
|
|
Non-life
insurance has been practiced for centuries as in the
trading vessels that came down
|
|
the
Yangtze River in China and was a source of capital formation.
The insurance companies of New England provided funds
for enterprises that fueled its prosperity. The nonlife
insurance needed in the countryside at present is crop
insurance. The farmer has two strikes against him over
which he has little control, namely price fluctuations
and vagaries of the weather. With the failure of the
government crop insurance system, the farmer has no
hope of getting out of poverty.
|
|
|
Farmers
have been willing to pay for crop insurance but how
to make crop insurance work or
|
|
survive
still needs study. The failed crop insurance system
of the government only managed to bail out Land Bank.
One suggestion is to make the crop insurance system
in part privately managed. This may not completely solve
the problem but crop insurance is necessary if our farmers
are to extract themselves out of dire poverty.
|
|
|
Poverty
has kept our subsistence farmers ignorant of agricultural
technology and in a vicious
|
|
cycle
this has kept them in poverty. For many the only solution
is migration to urban areas. This may be inevitable
but it should not be too fast as to cause unnecessary
problems. Where just a few decades ago the country was
only 20 percent urbanized, present statistics put this
figure at 60 percent. While land reform tended to break
up land holdings there is now a realization of the need
for consolidation, not necessarily of ownership but
of production methods and marketing.
|
|
|
Besides
life insurance and crop insurance, the poor are also
faced with the need for health
|
|
insurance.
PhilHealth is an effort in the right direction. But
at what level of health can it maintain the community
without running out of funds as is happening in the
rich countries like the US? Urbanized areas may be helped
greatly by this government health insurance but the
farmers are still left out. The herbal traditions are
a big help but there are health problems that cannot
be helped by the traditional herbolario.
|
|
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|
| |
DoF
REVIEWS INSURANCE TAX PREDICAMENT
http://www.mb.com.ph/issues/2004/05/02/BSNS200405028561.html
By LEE C. CHIPONGIAN
|
|
The
Department of Finance said it would finalize on May
25 its stance on the insurance
|
|
industry’s
bid to suspend the two-percent creditable
withholding tax on the non-life sector and other tax
matters affecting insurers.
|
|
|
The
non-life insurance industry has appealed to the DoF
to suspend the creditable withholding
|
|
tax
on their policy premium payments. The suspension would
prevent the implementation of Revenue Regulation 17-
2003 while insurers and the Bureau of Internal Revenue
resolve their differences in interpreting the tax law.
|
|
|
The
DoF also created a Technical Working Group to study
and review the industry’s tax
|
|
concerns
and also form a link between the sector and various
agencies involved with insurance monitoring. The TWG
is composed of officials from the Insurance Commission
and the Bureau of Internal revenue. The objective is
to establish closer coordination between the three agencies
involved in the industry’s tax issues and other
problems. The Bureau of Customs will also be included
to discuss issues with DoF Undersecretary Grace P. Tan
who heads the group is presently reviewing the annual
statements of insurance companies for 2001 and 2002
to assess the industry’s financial condition.
As of end 2003, insurers have an asset value of R240
billion.
|
|
|
The
group is tasked to monitor the tax compliance insurance
companies amidst reports of tax
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payment
delinquency.The BIR disclosed earlier that there are
non-life insurers especially those servicing owners
of private and public utility vehicles who do not pay
documentary stamp tax. Of 4.5 million motor vehicles
registered with the Land Transportation Office in 2003,
only 850, 000 paid their DST.
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In
the meantime, the TWG have began to discuss with involved
agencies the non-life insurers’
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request
for the suspension of the two percent creditable withholding
tax being withheld by the top 10, 000 companies on their
insurance premiums. They are also reviewing requests
to suspend the ten percent creditable withholding tax
being withheld by the nonlife insurers on gross commissions
to brokers.
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The
non-life companies said there is difficulty in the implementation
of these creditable with-
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holding
taxes since most of the top 10, 000 companies dea | | |
