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Email Circular No. PIRA-041/2012

 E-MAIL CIRCULAR NO. PIRA-041/2012

April 4, 2012

For Members Only


PIRA Inc.

6th Floor, Champaca II Building

162 L. P. Leviste Street, Salcedo Village

Makati City

 

TO ALL MEMBERS:

ADVISORY

(Strict Implementation of the Minimum Rates for

Natural Perils or Acts of Nature (AON) Endorsement

on  Motor Car Insurance Policies)

 

Due to the observed current surge in demand for Natural Perils or Acts of Nature (AON) coverages in Motorcar Insurance from motorcar owners, we believe it is most appropriate and timely, that we remind you of the need to strictly abide by the minimum rate prescribed on premiums, as well as the maximum rate prescribed on intermediaries’ “commissions” on said coverages/endorsements, under the Insurance Commission’s (IC) Circular Letter No. 30-2010, as follows: 

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1.A minimum premium rate of 0.50% on Natural Perils or Acts of nature (AON) coverage/endorsement;

2. A maximum commission rate to licensed intermediaries of 20%;

A fine of Php 500.00 shall be imposed for any violation, where a breach of the minimum prescribed rate on premiums will be considered as separate offense from the breach of the maximum prescribed rate on commissions, and from the other prescribed rates under the Motor Car Manual of Rates.

Attached as Annex “A” is a copy of IC Circular Letter No. 30-2010.

Thank you.

Deputy General Manager

Encl.: a/s

FDP/adp



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