Insurance Agent and Broker Licensing Limits

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IC MEMORANDUM CIRCULAR NO. 2-90: Insurance Agent and Broker Licensing Limits

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Title Supreme Court: Insurance Agent and Broker Licensing Limits

Law: Ic Memorandum Circular No. 2-90

Decision Date: Mar 19, 1990

The Insurance Commissioner, Adelita A. Vergel de Dios, mandates that individuals can only hold a single license as an insurance agent or broker for specific companies, with restrictions on dual licensing to enhance regulatory compliance and industry integrity.

insurance agent

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Exclusive Roles Between Agents and Brokers

A person licensed as an insurance agent or general agent cannot simultaneously be licensed as an insurance broker in the same kind of insurance business.
Conversely, an insurance broker cannot be licensed as an insurance agent or general agent in the same type of insurance business.

Application of Limitations to Entities

The restrictions on licensing also apply to the individual named in the license issued to a partnership, association, or corporation acting as insurance agent, general agent, or insurance broker.

Requirement for General Agent Licensing

A person must have first been licensed as an ordinary insurance agent.
The individual must have actively engaged as an ordinary agent for at least one year before being licensed as a general agent.

Effectivity

The memorandum circular and its amended provisions take effect immediately upon approval on March 19, 1990.

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