Insurance Commission to issue regulations allowing OFWs to purchase protection plans abroad
These long-awaited rules, which were initially expected last year, have faced several delays but are now closer to being finalized.
IC Commissioner Reynaldo Regalado shared that the commission is still in discussions with the Department of Migrant Workers (DMW) to finalize the regulations.
A significant point of focus is the implementation of Republic Act No. 12021, or the Magna Carta of Filipino Seafarers, which mandates adequate insurance coverage for Filipino seafarers. Regalado assured that efforts are underway to ensure the law's effective implementation.
Currently, IC Circular Letter No. 2020-109 restricts local insurers from selling protection plans to clients abroad, limiting OFWs to purchasing insurance only when they are physically in the Philippines. This restriction has left many OFWs without adequate social protection while abroad.
The insurance industry sees potential in expanding to the OFW market, with remittances reaching $2.92 billion in January 2025. The upcoming regulations will help set appropriate pricing for life insurance products, considering the varied risks faced by OFWs depending on their job and host country.
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