The Insurance Commission (IC) is cracking down on unlicensed insurance entities, as it issued notices to explain against two businesses operating without certificates of authority from the agency.
“This may be an opportune time to warn the public, for their protection and peace of mind, to transact only with companies that have been duly licensed by the IC,” Dennis Funa, insurance commissioner, said in a statement yesterday.
“The public can likewise be assured that the IC will be relentless in taking down unlicensed entities for the security and safety of the insurance, pre-need, and health maintenance organization markets,” he added.
The IC said in a statement a company called “Miler Insurance” is reportedly selling insurance products through Facebook and its company website without license as a non-life insurance company or as an insurance agent.
According to the IC, its Facebook page states that “Miler Insurance is an emerging non-life insurance company that aims to make a more friendly atmosphere for our clients and business partners.”
“Additionally, its Facebook page also indicates that there are already reviews written by different individuals that have apparently transacted with Miler Insurance,” the IC said.
The IC said an entity called “Insuro’s Insurance Services” was likewise discovered to have been selling insurance products through Facebook, holding itself out as a “consulting agency” and an “insurance agent” offering motor car, property, marine, liability, engineering and personal accident insurance products without the requisite license.
“Based on the records of the IC, ‘Insuro’s Insurance Services’ does not have a certificate of authority to act as an insurance agent, but merely has a pending application for the issuance of an insurance agent’s license,” the government agency said. – Angela Celis
