IC collects over P500 million fees in 2023

MANILA, Philippines — The government collected more than P500 million in registration and supervision fees from insurance firms last year.

Latest data from the Insurance Commission (IC) showed that the Department of Finance-attached agency raked in P518.69 million in various registration and supervision fees last year. This is 3.83 percent higher than the P499.54 million in fees generated in 2022.

These kinds of fees are collected from life and non-life insurance firms, as well as from pre-need and health maintenance organizations to ensure continuous operations of the regulator.

Broken down, the biggest collection was from certificate of authority fees at P188.31 million. However, this marked a 3.39 percent decline from the P194.92 million in 2022.

This was followed by examination fees amounting to P148.59 million, representing a 14 percent increase from the P130.21 million a year ago.

Certification fees also inched up by two percent to reach P73.66 million while registration fees for product approval increased by 10 percent to P61.9 million.

Supervision fees exhibited a three percent improvement to P25.02 million.

The filing fees went up to P6.63 million while accreditation fees likewise soared by 23 percent to P1.8 million.

Processing fees, however, slipped by seven percent to P11.96 million.