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Disclaimer: Crystal is provided for information purposes; it does not constitute solicitation of business and is not intended to be a substitute for appropriate professional advice. Information relating to Lloyd’s Brussels Subsidiary may be subject to regulatory approval.

Philippines Lloyd's
* Please see Authorisation for details of Lloyd's underwriters licensing status
Please see Authorisation for details of Lloyd's Brussels licensing status

Pre-placement considerations




Lloyd's underwriters are not licensed to write insurance in or from the Philippines.


  • Marine cargo imports and exports


Lloyd’s underwriters are permitted to write some (see below) reinsurance originating from the Philippines on a cross-border basis only. The underwriting must take place outside of the territory.

Compulsory cessions of 10% of every outward reinsurance treaty and facultative placement must be offered to the Philippine National Reinsurance Company (PhilNaRe, the state owned reinsurer). Underwriters who wish to accept reinsurance business from the Philippines are advised to satisfy themselves that this requirement has been met. 

All insurance companies, both life and non-life, authorised to do business in the Philippines are required to cede their risks to other companies similarly authorised to do business in the Philippines in such amounts and under such arrangements as would be consistent with sound underwriting practices before they enter into reinsurance arrangements with unauthorised foreign insurers.

A Philippine insurance company wishing to cede facultative reinsurance abroad is also required to satisfy the Office of the Insurance Commission that the Philippine market cannot provide the cover locally. The most recent ruling in this respect is Circular Letter No 2014 - 07 (replacing Circular Letter No 17-2007), which reiterated that in respect of:

  • marine hull
  • aviation
  • money
  • securities
  • payroll
  • robbery risks

Placement must have been unsuccessfully attempted with at least two direct writing companies, one foreign authorised company, and one domestic professional reinsurance company, before authorisation to approach foreign markets will be given by the Insurance Commission.

Further, in respect of all other risks, placement must have been unsuccessfully attempted with at least five direct writing companies, three authorised foreign insurers and one domestic professional reinsurer. 

Local resident agent

Section 223 of the Insurance Code prohibits an insurance company doing business in the Philippines from ceding any risks situated in the Philippines by way of reinsurance directly to a foreign insurer not authorised to do business in the Philippines, unless that foreign insurer is represented in the Philippines by a resident agent who is registered with the Insurance Commissioner.

Lloyd’s underwriters’ resident agent in the Philippines is:

Resident agent:     Hiyasmin H. Lapitan, partner in the law firm, SyCip Salazar Hernandez & Gatmaitan

Address:                 SyCipLaw Center

                                 105 Paseo de Roxas

                                 Makati City 1226

                                 The Philippines

Tel: +632 982 3500 


Certificate of Registration Number:  RA-28-2017-O

Managing agents can contact Lloyd's International Trading Advice ( if a copy of the Certificate is required for a facultative placement. Reliance on the Certificate is strictly limited to the Insurance Commission and is only to be used for a facultative placement into Lloyd's.

As resident agent and attorney for Lloyd’s underwriters, Hiyasmin H. Lapitan, is authorised to accept on their behalf service of proceedings and notices addressed to them in connection with legal proceedings in the Philippines against them.

Last updated: 05 Apr 2019