QuestionsQuestions (IC MEMORANDUM CIRCULAR NO. 2-90)
No person shall be licensed to act as an insurance agent or general agent of more than one life insurance company.
An insurance agent can be licensed to represent no more than three non-life insurance companies as an insurance agent, or more than one non-life insurance company as a general agent.
No, a person licensed as an insurance agent or general agent shall not be licensed as an insurance broker in the same kind of insurance business, and vice versa.
Yes, a person must have been licensed as an ordinary insurance agent and actively engaged as such for at least one year before being licensed as a general agent.
The Memorandum Circular took effect upon approval on March 19, 1990.
Rule No. 2 Sub-rule No. 2.5, captioned Licensing Requirements, limitations, is amended by this Memorandum Circular to update the licensing limitations for insurance agents, general agents, brokers, and reinsurers.
No, a person cannot act as a general agent of more than one non-life insurance company.
The circular includes licensing guidelines for reinsurers and brokers but focuses on prohibiting persons licensed as agents from also holding a broker's license in the same kind of insurance business.