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

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.

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