Business of Insurance and Public Interest

Category: Law on Insurance

What does the term “insurer” and “insurance company” include?

It includes individuals, partnerships, associations or corporations, including GOCC’s or entities, engaged as principals in the insurance business, except mutual benefit associations.  It shall also include professional reinsurers as defined in Sec. 280 (Sec. 184)

Is the Business of Insurance affected with public interest?

Yes.  It is therefore, subject to regulation and control by the state by virtue of the exercise of its police power or in the interest of public convenience and the general good of the people.