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Mr. Domingo,

We write to you on the definitions and tasks of the different people in the business of

insurance.

Insurance agent - Any person who for compensation solicits or obtains insurance on behalf of

any insurance company or transmits for a person other than himself an application for a policy

or contract of insurance to or from such company or offers or assumes to act in the negotiating

of such insurance shall be an insurance agent within the intent of this section and shall thereby

 become liable to all the duties, requirements, liabilities and penalties to which an insurance

agent is subject.1 

Insurance broker - Any person who for any compensation, commission or other thing of value

acts or aids in any manner in soliciting, negotiating or procuring the making of any insurance

contract or in placing risk or taking out insurance, on behalf of an insured other than himself,

shall be an insurance broker within the intent of this Code, and shall thereby become liable to

all the duties, requirements, liabilities and penalties to which an insurance broker is subject.2 

Reinsurance broker - A reinsurance broker is one who, for compensation, not being a duly

authorized agent, employee or officer of an insurer in which any reinsurance is effected, act or

aids in any manner in negotiating contracts of reinsurance, or placing risks of effecting

reinsurance, for any insurance company authorized to do business in the Philippines.3 

Independent adjuster - The term "independent adjuster" means any person, partnership,

association or corporation which, for money, commission or any other thing of value, acts for or

on behalf of an insurer in the adjusting of claims arising under insurance contracts or policies

issued by such insurer.4 

Public adjuster - The term "public adjuster" means any person, partnership, association or

corporation which, for money, commission or any other thing of value, acts on behalf of an

insured in negotiating for, or effecting, the settlement of a claim or claims of the said insured

arising under insurance contracts or policies, or which advertises for or solicits employment as

an adjuster of such claims.5 

1 Sec. 300 of the Insurance Code

2 Sec. 301 of the Insurance Code

3 Sec. 310 of the Insurance Code

4 Sec. 324 of the Insurance Code

5 Sec. 324 of the Insurance Code

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Actuaries - determine the chances of future risks, like birth, disability, accidental injury, fire,

damage to property, need for medical care, or premature death, and calculate the cost of

financing these uncertain events by insurance or other related means. They use scientific

actuarial principles so that the financial aspects of these uncertainties can be exchanged for the

certainty of a premium payment.6

 

6 http://www.actuary.org.ph/about-us/what-is-an-actuary/ 

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