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Survey in anticipation of the AFAS 2015

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Lea Aromin
Lea Aromin

This survey is intended for life insurance companies and aims to identify issues for the upcoming AFAS in 2015 that could be addressed together with the Insurance Commission (IC) and other relevant organizations. It contains 8 multiple choice questions regarding potential regulatory changes such as reducing the minimum insurance component of variable policies from 125% to 101-110%, reconsidering premium tax rates, removing documentary stamp requirements for micro-insurance, providing tax incentives to increase product uptake, granting relief from the 20% final tax on gains, and expanding permissible investment options.

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This is a survey for all life insurance companies. As an industry, we would like to find out what are the important things we could altogether look at in anticipation of the upcoming AFAS in 2015. Please find below the questions we will ask PLIA to help coordinate for us together with the IC and/or any other relevant government organization: 1. In view of the fact that other countries in Asia have 101% variable policy offers, with only 1% insurance component, we would like to ask IC to review the current prescribed minimum insurance component of variable policies sold in the Philippines from 125% to: a. 101% b. 105% c. 110% d. others _______________ 2. We would like to ask IC to reconsider the current premium tax levied in the Philippines. a. yes b. no 3. We would like to ask IC to remove the documentary stamp requirement, especially for micro- insurance products. a. yes. b. no 4. We would like to ask IC to consider a tax incentive for premium payments to increase penetration and preference of our target markets to choose our products. a. one tax incentive rate for all b. tiered tax incentive following current tax segmentation 5, Relief for 20% final tax on gains a. yes b. no 6. Ask IC to allow us to use derivatives a. yes b. no 7. Ask IC to allow opening up to other asset classes for fund in funds options a. yes b. no 8. Rules Of Origin: Ask IC to look at qualifying ASEAN nationality of the

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Survey in anticipation of the AFAS 2015

  • 1. This is a survey for all life insurance companies. As an industry, we would like to find out what are the important things we could altogether look at in anticipation of the upcoming AFAS in 2015. Please find below the questions we will ask PLIA to help coordinate for us together with the IC and/or any other relevant government organization: 1. In view of the fact that other countries in Asia have 101% variable policy offers, with only 1% insurance component, we would like to ask IC to review the current prescribed minimum insurance component of variable policies sold in the Philippines from 125% to: a. 101% b. 105% c. 110% d. others _______________ 2. We would like to ask IC to reconsider the current premium tax levied in the Philippines. a. yes b. no 3. We would like to ask IC to remove the documentary stamp requirement, especially for micro- insurance products. a. yes. b. no 4. We would like to ask IC to consider a tax incentive for premium payments to increase penetration and preference of our target markets to choose our products. a. one tax incentive rate for all b. tiered tax incentive following current tax segmentation 5, Relief for 20% final tax on gains a. yes b. no 6. Ask IC to allow us to use derivatives a. yes b. no 7. Ask IC to allow opening up to other asset classes for fund in funds options a. yes b. no 8. Rules Of Origin: Ask IC to look at qualifying ASEAN nationality of the