A rating organization is an organization which is formed for the

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A rating organization is an organization which is formed for the
GRANTING OF CERTIFICATE OF AUTHORITY AS RATING ORGANIZATION

About the Service
A rating organization is an organization which is formed for the purpose of making
rates to be used by more than one insurance company authorized to do business
in the Philippines. The term "rate" generally means the ratio of the premium to the
amount insured and shall include, as the context may require, either the
consideration to be paid or charged for insurance contracts, including surety bonds,
or the elements and factors forming the basis for the determination or application
of the same, or both. No rating organization shall commence rate-making
operations until it shall have obtained a license from the Insurance Commissioner.

Who May Avail of the Service
Any association or organization who intends to perform the function of a rating
organization may avail of the service.

Requirements
 Accomplished application form (duly notarized)
 Notice to the Insurance Commissioner of its intention to commence rate-making
operations
 Certificate of registration
 Articles of Incorporation and by-laws
 List of insurance companies that have agreed to become members or subscribers
 Documentary stamp (PhP15.00)

Fees
PhP181,800.00 (valid for three (3) years) or PhP60,600.00 per year
Note: Fees is inclusive of 1% Legal Research Fund (LRF) fee, pursuant to IC Circular Letter No. 2014-15

Schedule of Availability of Service
Mondays-Fridays (except holidays) 8:00 AM – 12:00 NN; 1:00 – 5:00 PM

How to Avail of the Service
STEP
1
2
Submission and
assessment
Evaluation of
application
APPLICANT
/CLIENT
Applicant submits
application and
requirements to
frontline officer in
the Licensing
Division
SERVICE
PROVIDER
Action Officer
receives application
and requirements
DURATION
OF ACTIVITY
PERSON IN
CHARGE
2 minutes
Action Officer
Action Officer
conducts preliminary
assessment
Action Officer
evaluates the
application and
requirements,
conducts research
and prepares draft
recommendation or
action letter
10 minutes
3 hours
Senior
Insurance
Specialist;
Insurance
Specialist II;
Division Chief
3
Conference and
Interview
(optional)
Applicant presents
himself/herself for
interview and
discussion of
issues
The interview or
conference may be
conducted by the
Licensing Division
30 minutes
Recommendation /
action letter is
prepared by the
Licensing Division
and submitted to the
Deputy Insurance
Commissioner
4
5
Recommendation
and Review
Approval
In case of approval
of application,
applicant secures
payment request
form.
6
Payment
The applicant
proceeds to the
Cashier Section for
payment
The applicant
returns the
transmittal letter
and application
with notes from
cashier to the
Licensing Division
Deputy Insurance
Commissioner
reviews the
recommendation or
action letter,
conducts interview
(optional) and makes
recommendation to
the Insurance
Commissioner
The Insurance
Commissioner acts
on the application
and takes action on
the recommendation
/ action letter
Action Officer issues
payment request
form
Cashier receives
payment , issues
Official Receipt and
writes the amount
and Official Receipt
number in the
transmittal letter or
application
Action Officer;
Division Chief
Action Officer
1 hour
Deputy
Insurance
Commissioner
Insurance
Commissioner
3 minutes
Action Officer
5 minutes
Cashier
7
Preparation and
issuance of
license
The applicant gets
the signed license
in the Deputy
Insurance
Commissioner’s Office on the third
day from date
of payment
The draft license is
prepared and
submitted by the
Licensing Division to
the Office of the
Deputy Insurance
Commissioner for
approval
The draft license is
forwarded to the
Office of the
Insurance
Commissioner for
approval and
signature
The signed license is
returned to the
Licensing Division for
release
1 – 2 days
Action Officer;
Deputy
Insurance
Commissioner
for Legal
Services;
Insurance
Commissioner

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