1. Certified true copy of Certificate of Registration from the following:
DTI certificate of RegistrationSingle Proprietorship
SEC certificate of Registration of Articles of Incorporation and By-lawsPartnership and Corporation
2. Certificate of Registration with the following government agencies
Bureau of Internal Revenue (BIR)
Tax Identification Number (TIN)
Value Added Tax (VAT)
Office of the Mayor/Municipal Permit
Social Security System
3. Bank Account/s of the applicant
4. Execute waiver in favor of this Commission to verify the existence of applicants capital deposit with its depositary bank/s.
5. Inventory of equipment, furniture and fixtures
6. Plantilla of personnel and officers of the company showing their respective positions held and corresponding monthly/annual salaries, if applicant is a corporation.
7. Books of accounts to be used in the transaction of business, duly registered with the BIR
General Journal
General Ledger
Cash Receipt
Cash Disbursement
8. ITR for the preceding year and Curriculum Vitae of the officers and members of the Board of Directors
9. Documentary Stamp
10. Pre-operational balance sheet
11. List of insurance companies to service prospective clients insurance needs
12. Lease agreement of the office space, if any
13. Surety Bond worth PHP500,000 (insurance Broker)
14. Errors and Omission Policies (Professional Indemnity) worth PHP1,000,000
15. Minimum paid-up capital of PHP250,000 (Insurance Broker), PHP500,000 (Reinsurance Broker) pursuant to Insurance Memorandum Circular No.1-2004 dated 12 January 2004
16. Compliance with Circular Letter No.13-2004 (Fit and Proper Requirements) dated 7 June 2004
17. Pre-licensing Examination
18. License Fee PHP600.00
QUALIFICATIONS OF A SOLICITING OFFICIAL (Broker)
1. He must be a Filipino Citizen
2. He must have at least ten (10) years experience as:
a. A sales and/or underwriting executive (at least department manager level) in an insurance brokerage firm or insurance company; or
b. A general agent
3. The above requirements may be reduced to five (5) years if the applicant holds at least an associateship from the Insurance Institute for Asia and the Pacific (IIAP), the Chartered Insurance Institute (CII) or a similar educational institution acceptable to the Insurance Commissioner.
4. He must have no history of unprofessional conduct known to the Commissioner, other brokers and insurance companies.
Required Documents to be submitted by the Soliciting Official (Broker)
1. Accomplished application (duly notarized)
2. One passport size of recently taken headphoto
3. Bio-data (2 copies)
4. Certification of ten (10) years experience including positions held with the corresponding duties and responsibilities and nature of job
5. Copy of certificate of seminars attended
6. Copy of resolution of the Board of Directors appointing the Soliciting Official
7. Copy of Income Tax Return for the last three (3) years
8. Clearance form immediate past employer
9. NBI clearance