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TITLE 9 (5) Personnel tasked to present and sell

BANCASSURANCE insurance products within the bank premises

must be duly licensed by the Commis- sioner,
SEC. 375. The term bancassurance shall mean the and are subject to the rules and regulations
presentation and sale to bank customers by an promulgated by the Commissioner.

insurance company of its insurance products within the

premises of the head office of such bank duly licensed Revised cross-selling framework.
by the Bangko Sentral ng Pilipinas or any of its
branches under such rules and regulations which the
This cross-selling Framework (Cir. No. 801, May
Commissioner and the Bangko Sentral ng Pilipinas
may promulgate. To engage in ban- cassurance 30, 2013.) applicable to all bank classifications,
arrangement, a bank is not required to have equity was approved by the Monetary Board of the BSP.
ownership of the insurance company. No insurance It provides, among others:

company shall enter into a bancassurance

arrangement unless it possesses all the requirements (1) Definition.- The following terms, as used in
as may be pre- scribed by the Commissioner and the the Framework, are governed by the following
Bangko Sentral ng Pilipinas. (n)

No insurance product under this section, whether life or (a) Cross-selling means the presentation
non-life, shall be issued or delivered unless in the form and sale of a financial product to a bank client
previously approved by the Commissioner. (n)

inside bank premises through written or verbal


SEC. 376. Personnel tasked to present and sell

insurance products within the bank premises shall be (b) Financial conglomerate refers to a
duly licensed by the Commissioner and shall be group of entities whose exclusive or pre-
subject to the rules and regulations of this Act. (n)
dominant activities consist of providing significant
services in at least two (2) different financial
SEC. 377. The Commissioner and the Bangko Sentral sectors (banking, securities, and insurance). A
ng Pilipinas shall promulgate rules and regulations to banking group, which is defined as banks related
effectively supervise the business of bancassurance. by common owner- ship and is engaged
predominantly in banking, is subsumed within the
context of a financial conglomerate. In the case of
Bancassurance defined.
universal/ commercial banks, a financial product
provider must have been disclosed and reported
The term is defined in Section 375. It involves the as part of the group structure pursuant to Section
cross-selling of a financial product to a bank 6 of Circular No. 749 dated 27 February 2012.

client inside bank premises.

(c) Financial product refers to products
which do not create exposure to investment risks,
Requirements for bancassurance. such as retail lending or loan products (e.g., credit
cards, home mortgage loans, auto loans),
(1) The presentation and sale of insurance insurance products, retail financial products (e.g.,
company's insurance products must be done cash cards, debit cards) and other similar
within the premises of the head office of the financial products as may be authorized by the
Monetary Board of the BSP

(2) The bank must be duly licensed by the (d) Financial product provider means a
Bangko Sentral ng Pilipinas (BSP) under such regulated financial entity which originates or
rules and regulations promulgated by the produces the financial product and bears all the
Commissioner and the BSP;
risks associated with its issuance. The financial
(3) The insurance company must possess all the product provider should be incorporated and
requirements prescribed by the Commissioner domiciled in the Philippines including duly
and the BSP before it can enter into a licensed foreign bank branches.

bancassurance arrangement;
(e) Bank premises refers to the premises
(4) The insurance product, whether life or non- of the head office

life, to be issued or delivered must be in the and branches.

form previously approved by the (F) Investment risk refer to the risk,
Commissioner; and
which is borne by the client, of loss of the
principal amount (either full or partial) at maturity
or risk of not achieving targeted rate of returns.

(2) Governance. The board of directors of the

bank (or its equivalent in the case of foreign bank
branches) shall be responsible in the approval
and oversight of policies relating to cross-selling

The bank shall exercise due care and diligence in

carrying out cross-selling activities. This process
shall extend to both the financial products and
financial product providers. The bank shall put in
place a formal written policy which should, at the
very least, enable the bank to reach an objective
assessment of the suitability of the financial
product to be cross-sold.

(3) Conditions on cross-selling. To avoid any

impression that products cross-sold within bank
premises are guaranteed by the bank, the
following shall be observed, at all times:

(a) The role of bank employees in cross-

selling shall be limited to the referral of bank
clients to the representatives of financial product
providers. Bank employees shall not assume any
decision-making function, e.g., in relation to
credit worthiness. Likewise, record-keeping and
accounting of financial products shall be separate
from the bank.

(b) There shall be a form of segregation

between representatives who sell the financial
products and bank employees. These
representatives must have distinct designations
to reflect their roles.

(c)The presentation and sale of financial

products shall be conducted in an area within
bank premises that is clearly distinguishable as a
separate entity from the bank.

(d) The bank shall manage the number of

financial product providers inside bank premises.
The bank shall ensure that the number of financial
product providers inside bank premises do not
constrict the normal flow of operations of the