Insurance regulator asks firms to take care of sales agents during COVID-19 quarantine
The Insurance Commission (IC) appealed to companies selling insurance in its many forms to look after their sales agents.
In a circular issued by IC chief Dennis Funa last Friday (March 27), the commission said sales agents had been “the most vulnerable as their means of livelihood have been and continue to be greatly and adversely affected” by the COVID-19 Luzon-wide quarantine.
Most businesses came to a standstill after President Rodrigo Duterte ordered the entire Luzon island be placed under enhanced community quarantine, which led to lockdowns in many areas.
Funa said companies should formulate and implement “relief and assistance programs to aid their respective agents that earn on commission basis.”
Funa said the help could also take the form of programs for physical and psychological development of agents during the COVID-19 quarantine.
On Saturday (March 29), Funa said financial advisors and agents were the “drivers and backbone of the insurance industry.”
“They take care of the companies’ bottom line and at this difficult time, I know that the companies will take care of them,” Funa said.
Edited by TSB
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