News and developments
IFLR: “Philippines: Acquiring insurance brokers”
The April issue of the International Financial Law Review (IFLR) includes an international briefing article by SyCipLaw partner Hiyasmin H. Lapitan entitled “Philippines: Acquiring insurance brokers”. The article discusses the new requirement by the Philippine Insurance Commission (IC) for advance approval to acquire a stake in a Philippine corporation that is licensed as an insurance broker or reinsurance broker. This requirement is noted in the IC’s circular letter number 2017-09 dated February 14, 2017, which prescribes guidelines on the documentation requirements for acquiring a domestic insurance or reinsurance broker.