General News

Tin Number (Tin) Mandatory Requirement for The CTPL Policy for LTO Registration

As per Circular letter 6-2010 from the Insurance Commission regarding the guidelines on the issuance of the Certificate of Cover for all motor vehicles, a Memorandum of Agreement was executed among the Insurance Commission, LTO and BIR (Bureau of Internal Revenue) to see to it that all issued Certificate of Cover for the TPL policy is dully registered and that all taxes due in relation thereto are paid correctly and promptly through system interconnectivity and information sharing.

In relation to this, it is required that all assured must give their TIN (Tax Identification Number) for the authentication of the Certificate of Cover.

Please be warned also that till now there are still some insurance companies (especially nearby LTO offices) who issue authenticated Certificate of Cover without requiring the TIN, but be aware that the insurance commission already issued also circular letter giving them warning that if they continue their license will be revoked.

Please be guided accordingly. It is better to follow than to have any problems in the future.

Thank you and for more information or if there is anything else that we can assist you with, please feel free to contact or email us so that we could immediately accommodate you.