Traveler Friendly Insurance Changes Course as Market Compliance Rules Stiffen in the International Medical Insurance Market
Now that Filipino law has changed regarding offshore medical insurance, Traveler Friendly and other insurers are changing their portfolios.
Because of a recent stiffening of the Philippines’ laws regarding offshore medical insurance, Traveler Friendly Insurance is just one of many international carriers adjusting their portfolios to meet the needs of the constantly changing character of international medical insurance.
Some International insurance companies have stopped taking new accounts among expatriate and local clients in the Philippines, continuing their track record of proactively noting and following the alterations in laws within a specific country.
In all of the large hubs for expatriates, including Hong Kong, China, Singapore and Dubai, Traveler Friendly Insurance has shown its tendency toward entering the market as soon as possible to build a solid understanding of policy.
As the expatriate community around the globe continues to grow at an expanding rate, many countries have had to adjust their laws regarding international residents and health insurance coverage.
After the USA implemented the Affordable Care Act (ACA, also known as Obamacare), compliance has gained even more importance on the international level. Soaring emigration levels have inspired the majority of countries to write exacting laws about medical insurance, which means that finding an international plan that matches the dictates of a residential visa is often a difficult task indeed.
Staying with local regulations and complying with applicable laws has become a significant factor for clients of Traveler Friendly Insurance and other carriers as increasing numbers of people seek out health insurance while residing in the newest economic epicenters of the world.
Traveler Friendly Insurance , have not yet ceased taking new clients in the Philippines but are continuing to hold the matter under study, seeing how the regulations end up shaking out for companies in the region.
No insurer wants to take on the risk of facing governmental penalties as a result of a failure to follow the law exactly. Carriers in the area have had to examine all of their provisions carefully to ensure that they are all in compliance. The penalties vary, depending on the country, but they are generally quite costly in terms of fines and other sanctions. The changes in the Philippines have received positive reviews from some. Marty Makinen, the managing director of Results for Development Institute, said that the new laws appear “to be a good thing from the point of view of protecting the health and finances of disadvantaged groups in the Philippines by subsidizing health coverage for those unable to pay premiums.”
However, the changes affecting international policies are leaving many carriers continuing to study conditions and make the right decisions going forward.
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