The Insurance Commission (IC) and the Actuarial Society of the Philippines (ASP) are conducting the country’s first industry-wide morbidity study.
The study will be based on the claims experience of health maintenance organizations (HMOs) and insurance companies.
In a statement, the IC said the study aims to come up with benchmarks for evaluating the reasonableness of premium rates, reserve valuations and capitalization requirements of HMOs and insurers.
As a framework for such study and other technical assistance programs, the IC and ASP signed a memorandum of agreement during the 75th anniversary of IC last week.
“The study will not only promote a sound health insurance and HMO market, but also encourage product innovation and attract foreign investments,” the IC said.
“Ultimately, the study aims to bridge the health protection gap among Filipinos and enhance financial inclusion,” the agency added.
Other areas for 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.
