What government agency has regulatory authority over life insurance companies?
The Insurance Commission is the regulatory authority over life insurance companies. The Insurance Commission carefully regulates and closely supervises all the transactions of a life insurance company and safeguards the margin of insolvency, security fund, asset values and investments restrictions. This office conducts yearly audits and issues a Certificate of Authority thereafter which is the assurance that a life insurance company is qualified to transact insurance business and justifies the integrity and responsibility to reasonably assure the safety and interest of its policyholders and the public. Philippine Prudential Life is proud to say that our company had never had any problem in getting its Certificate of Authority and in fact, has always been the first to be issued such.
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