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Comparative Analysis of Selected Insurance Law Provisions (Philippines, Singapore and Vietnam)

Comparative Analysis of Selected Insurance Law Provisions (Philippines, Singapore and Vietnam). Areas of Study 1. Meaning of Insurance 2. Insurance Regulation 3. The Contract of Insurance/What May Be Insured 4. Insurable Interest 5. Misrepresentation 6. Insurance Policy/Contract

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Comparative Analysis of Selected Insurance Law Provisions (Philippines, Singapore and Vietnam)

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  1. Comparative Analysis of Selected Insurance Law Provisions (Philippines, Singapore and Vietnam)

  2. Areas of Study 1. Meaning of Insurance 2. Insurance Regulation 3. The Contract of Insurance/What May Be Insured 4. Insurable Interest 5. Misrepresentation 6. Insurance Policy/Contract 7. Compulsory Insurance 8. Mutual Benefit Associations (MBAs) 9. Types of Insurance 10. Laws and Adjudication 11. Right to Subrogation 12. Licensing Requirements 13. Capital Requirements 14. Annual Fees 15. Cancellation, Appeal and Effects of Cancellation of License 16. Minimum Solvency Requirements 17. Inspections and Investigations 18. Establishment of Specific Funds by Insurers and Allocation of Surplus 19. Reporting of Financial Documents 20. Alternative Dispute Resolution (ADR) 21. Limitation Period

  3. All jurisdictions, with Singapore ahead of the rest, are now moving towards a risk-based supervision. In the Philippines, a pertinent RBC provision is being proposed to replace the MOS.

  4. In all three jurisdictions, the insurance regulators conduct on-site and off-site inspections and examinations of the entities they regulate to ensure that they observe sound and prudent practices compliant with the insurance laws, rules and regulations. The powers of the insurance regulators are broad which are defined in their respective laws.

  5. There are statutory rules limiting the time within which civil actions must be brought in respect for claims arising from death or personal injury. However, it is apparent that periods stipulated vary based on the types of claim and applicable jurisdiction.

  6. THANK YOU

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