Insurance Commission (IC) Circular 2015-20 now provides guidelines in implementation of bancassurance pursuant to provisions of the Amended Insurance Code. Bancassurance, as defined in the circular, refers to presentation and sale to bank customers by an insurance company of its insurance products within the premises of the bank. The circular further clarifies that it does not repeal or amend the provisions of Bangko Sentral ng Pilipinas (BSP) Circular 683, which grants rural, cooperative or thrift banks the authority to market, sell and service microinsurance products.

In 2010, BSP issued Circular 683 with the subject “Marketing, Sale and Servicing of Microinsurance Products” to address the risk-protection needs of the microfinance clients of rural banks. Microinsurance is recognized as an important financial product that complements existing micro-savings and micro-loan products that rural banks offer to their clients. Furthermore, Circular 683 also outlines requirements for rural banks to gain authorization as microinsurance agents. These include, among others, the bank license from the Insurance Commission as a microinsurance agent or broker.

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