ALB: “Guidelines on Related Party Transactions for Insurers in the Philippines”

September 12, 2017

The July 2017 issue of the Asian Legal Business (ALB) includes a Philippine regional update by SyCipLaw partner Hiyasmin H. Lapitan and associate Jo Margarette W. Remollo entitled, “Guidelines on Related Party Transactions for Insurers in the Philippines”. The article summarizes the Insurance Commission’s compliance guidelines on related party transactions, as set out in Insurance Circular Letter No. 2017-29. The Circular covers insurers, reinsurers, branch offices of foreign insurers, mutual benefit associations, pre-need companies, and health maintenance organizations and their intermediaries.

Download the full ALB July 2017 Issue from the ALB website. The “Guidelines on Related Party Transactions for Insurers in the Philippines” is on page 10.

Hiyasmin H. Lapitan specializes in insurance law and has broad experience in investments in, and regulation of, this sector. Her recent projects include the structuring of the transfer of the insurance portfolio of a non-life insurance company, and the licensing of a newly-formed insurance agency. Ms. Lapitan is also a member of the firm’s special projects; tax; banking, finance and securities; and corporate services departments.

Jo Margarette W. Remollo has been involved with the special projects group. She regularly gives advice and handles prosecution on labor-related concerns. Ms. Remollo also handles legal due diligence, and general contract drafting and review. She is currently a member of the firm’s employment and immigration and litigation, and intellectual property groups.