COMPULSORY SSS COVER NOW MANDATED ON ALL INSURANCE AGENTS BusinessBanking & Financeby David Cagahastian - Sep 26, 20140 35 Insurance Commissioner Emmanuel F. Dooc has ordered all insurance agents to have compulsory insurance coverage under the Social Security System (SSS) as self-employed individuals. Dooc issued Circular Letter 2014-40 pursuant to the Social Security law, requiring all self-employed individuals, including insurance agents registered with the Insurance Commission, to have compulsory SSS coverage. Dooc’s new circular refers to self-employed insurance agents as “those who are considered as independent contractors” and do not include “those who are directly employed by insurance companies.” “Pursuant to the powers of this Commission under Section 307 of the Insurance Code, as amended, to regulate the profession of insurance agents and enjoin their compliance with various laws and regulatory rules promulgated by the government, it is hereby required that all qualified self-employed insurance agents should register with the SSS,” the circular said. To ensure that self-employed insurance agents will comply with such requirements, insurance agents will be required to provide an SSS registration number when they apply for new licenses or for renewal of such licenses. “Effective January 1, 2015, all applications for new and renewal of licenses must indicate therein the social security number of the applicant upon the filing of the application. Any application which fails to indicate the SSS number will not be accepted by the commission,” the circular said.
Posted on: Tue, 30 Sep 2014 04:40:30 +0000
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