Document background
The Insurance Premium Finance Agreement is essential in situations where insureds require assistance in paying their insurance premiums through installment arrangements. This document, governed by Philippine law and regulated by both the Insurance Commission and Bangko Sentral ng Pilipinas, enables businesses and individuals to maintain necessary insurance coverage while managing cash flow effectively. The agreement typically includes detailed payment terms, interest rates, security arrangements, and default provisions, all compliant with Philippine regulatory requirements. It's particularly useful for large commercial insurance policies, multiple policy portfolios, or when businesses need to preserve working capital while maintaining comprehensive insurance coverage. The document must incorporate mandatory disclosures required by the Truth in Lending Act and conform to consumer protection regulations when used for retail clients.
