IC CIRCULAR NO. 35-2010, December 07, 2010
STRICT IMPLEMENTATION OF THE PRESCRIBED PREMIUM RATES
National Administrative Register December 7, 2010
All accredited insurance providers and insurance intermediaries are hereby enjoined to apply strictly the prescribed premium rates summarized in Annex A hereof. Further, the agent’s commission for procuring the said coverage shall in no case exceed twenty per centum (20%) of the amount of the premiums therefore.
For violations of the prescribed rates, this Commission shall, after due notice and hearing, impose a fine of P500.00 per certificate per day and immediately revoke the accreditation and license issued to the insurance provider and/or the agent concerned.
For strict compliance.
Adopted: 07 December 2010
(SGD.) VIDA T. CHIONG
Deputy Insurance Commissioner
Officer-In-Charge
Annex “A”
Table of Premiums for the Compulsory Insurance Coverage for Agency-Hired Migrant Workers Under RA 10022
1 month 6.80 9.45 2 months 13.60 18.90 3 months 20.40 28.35 4 months 27.20 37.80 5 months 34.00 47.25 6 months 40.80 56.70 7 months 42.00 58.33 8 months 48.00 66.67 9 months 54.00 75.00 10 months 60.00 83.33 11 months 66.00 91.67 1 year 72.00 100.00 2 years 144.00 200.00 n years 72 (n) 100 (n)