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Regulator and actuaries to conduct first morbidity study to evaluate rates and reserve valuations

The Insurance Commission (IC) and the Actuarial Society of the Philippines (ASP) have agreed to conduct the country's first industry-wide morbidity study based on the claims experience of health maintenance organizations (HMOs) and insurance companies.


Director Art Trinidad, Officer-In-Charge of IC’s Technical Services Group, Insurance Commissioner Rey Regalado,

ASP President Allan Santos, and ASP Vice President Honesto Franz A. Nuqui, Jr.


The study aims to produce benchmarks for evaluating the reasonableness of premium rates, reserve valuations, and capitalization requirements of HMOs and insurance companies.


As a framework for the study and other technical assistance programmes, IC and ASP signed a memorandum of agreement during the IC's 75th anniversary in January 2024.


“The study will not only promote a sound health insurance and HMO market but also encourage product innovation and attract foreign investments. Ultimately, the study aims to bridge the health protection gap among Filipinos and enhance financial inclusion,” the IC said in a statement.


Other areas of cooperation between IC and ASP under the signed agreement include technical cooperation on revising standards on risk-based capitalization, valuation and product pricing.


The agreement was signed by Insurance Commissioner Reynaldo Regalado and ASP president Allan Santos.

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