2. PHILIPPINE DEPOSIT
INSURANCE CORPORATION
20XX
- Created in 1963 by the virtue of Republic Act 3591(
with amendments introduced through Republic Act
10846) to serve as insurer of deposits placed in
banks.
- Plays a significant role since this entity protects
depositors through deposit insurance coverage which
help maintain financial stability in the market.
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3. PDIC HAS THREE MAIN
MANDATES AS ALIGNED TO
PUBLIC POLICY:
A Provision of deposit
insurance
- Depositors are insured by the
PDIC up to a maximum amount
of Php500,000. PDIC
accumulates its Deposit
Insurance Funds by collecting
an annual assessment of 1/5 of
1% of total deposit liabilities of
its member bank.
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4. PDIC HAS THREE MAIN
MANDATES AS ALIGNED TO
PUBLIC POLICY:
Examination and
Resolution
- PDIC issues regulations to
implement its role as deposit insurer,
examine financial soundness of banks
and ensure their compliance to
deposit insurance regulations and
give financial assistance for
distressed banks. PDIC works with
BSP to keep the Philippine banking
system stable.
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B
5. PDIC HAS THREE MAIN
MANDATES AS ALIGNED TO
PUBLIC POLICY:
Receivership and
Liquidation
- PDIC is the assigned legal receiver and
liquidator of banks that have close already
upon order of the Monetary Board of BSP.
PDIC managing the records, assets and
affairs of closed banks in behalf the bank’s
creditor ( i.e. depositors). PDIC insures that
there is seamless transition between closure
to liquidation in order to efficiently dispose
assets of the closed banks and use the
proceeds to settle the claims of creditors.
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C
6. -IT COVERS ALL TYPES OF BANK
DEPOSITS IN BANKS. FOR INSURANCE
PURPOSES, ALL DEPOSIT ACCOUNTS OF
A DEPOSITOR IN A CLOSED BANK
MAINTAINED IN THE SAME RIGHT AND
CAPACITY SHALL BE ADDED TOGETHER.
-PDIC'S ENHANCED AUTHORITIES ALLOW
DEPOSITORS QUICKER ACCESS TO
THEIR INSURED DEPOSITS IN THE EVENT
OF BANK CLOSURE, EMPOWER PDIC TO
RESOLVE PROBLEM BANKS WHILE STILL
OPEN, HASTEN THE LIQUIDATION
PROCESS FOR CLOSED BANKS AND
PROVIDE STIFFER SANCTIONS AND
PENALTIES TO THOSE WHO COMMIT
ANOMALIES, FRAUDS AND
IRREGULARITIES.
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8. INSURANCE
COMMISSION
- IC mandate by virtue of executive Order No. 192 s. 2015 to ensure
enforcement of the provision of the insurance Code or Republic Act.
10607,
- i.e. to regulate and supervise the insurance , pre-need and health
maintenance organization industry.
- It is governed by the Department of Finance that supervise and
regulates the operations of life and non-life companies, mutual
benefits associations, and trust for charitable uses.
- IC issues licenses to insurance agent, general agents, resident
agents, underwriters, brokers, adjusters, and actuaries. It has also the
authority to suspend or revoke such license.
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9. THE FUNCTION OF IC ARE AS
FOLLOWS:
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1. Promulgation and implementation of policies, rules
and regulations governing the operations of entities
engaged in insurance, pre-need, and HMO activities as
well as benevolent features.
10. THE FUNCTION OF IC ARE AS
FOLLOWS:
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2. Licensing of insurance, reinsurance companies, its
intermediaries, mutual benefit associations, trust for
charitable uses, pre-need companies, pre-need
intermediaries, HMO companies.
11. THE FUNCTION OF IC ARE AS
FOLLOWS:
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3. Conducting insurance agent’s examination, as well
as processing of reinsurance treaties and request for
investment of insurance companies.
12. THE FUNCTION OF IC ARE AS
FOLLOWS:
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4. Examination/verification of the financial condition
and methods of doing business of entities engaged in
insurance business, pre-need, mutual benefit
associations, trust for charitable uses, and HMO
companies.
13. THE FUNCTION OF IC ARE AS
FOLLOWS:
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5. Evaluation and preparation of statistical reports,
studies, researches, annual reports, and position paper
relative to insurance, pre-need matters and HMO
matters.
14. THE FUNCTION OF IC ARE AS
FOLLOWS:
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6. Review of premium rates imposed by life and non-life
companies, mutual benefit association; statistical
reports of adjusters to determine compliance with
stablished standards.
15. THE FUNCTION OF IC ARE AS
FOLLOWS:
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7. Adjudication of claims and complaints involving loss,
damage or liability incurred by an insurer under any
kind of policy or contract of insurance or suretyship;
16. THE FUNCTION OF IC ARE AS
FOLLOWS:
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8. Review and approval of all life and non-life policies,
pre-need and HMO plans before sale to prospective
clients.