Question & AnswerQ&A (IC Circular Letter No. 2015-24)
Only persons, partnerships, associations, or corporations authorized by a license issued or renewed by the Insurance Commissioner may act as adjusters. For natural persons, they must be Filipino citizens, and for partnerships, associations, or corporations, at least 60% of the capital must be owned by Filipino citizens.
No. Under Section 338 of the Insurance Code, a duly licensed attorney-at-law who acts or aids in adjusting insurance claims as an incident to the practice of his profession and does not advertise himself as an adjuster is exempted from procuring a license.
Under Section 334, no license is required for any company adjuster who is a salaried employee of an insurance company adjusting claims filed under policies issued by such company.
Independent adjusters act on behalf of insurers for adjusting claims, while public adjusters act on behalf of insureds in negotiating or settling claims, or who advertise or solicit employment as adjusters.
No. Section 334 prohibits a person from being licensed as both; one must choose to be licensed either as an independent or public adjuster per line of insurance claim adjustment.
Once licensed as either, they are barred from the exemption under Section 338 and must comply with the licensing rules and restrictions applicable to adjusters, including the prohibition on acting for both insurer and insured concurrently.
It means the lawyer aids in adjusting claims as part of their usual legal practice without separate advertising as an adjuster and does not engage as a professional adjuster outside their legal duties.
If a lawyer advertises himself as an adjuster, he is considered acting outside the legal exemption and must secure the appropriate license from the Insurance Commission.
At least 60% of the capital of the partnership, association, or corporation must be owned by Filipino citizens to act as adjusters.