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Corporate Governance


IAC's young and dynamic management has always taken corporate governance seriously and with utmost importance. We understand that if every member of the organization will proactively do its part and strive for the excellence and hard work which members of our top management advocate, instead of being content with being able to comply and meet the requirements of our regulator, IAC will be able to better strengthen its internal processes, entice more production, and ultimately deliver better customer value.

With our top management's commitment to prioritize business sustainability and long-term operations, we have also been fully supportive of the various governance initiatives from our regulators, and have since been aiming to promptly and effectively institute continued operational and strategic improvements to constantly improve on the quality of the service we deliver, in order to meet our company's vision and mission.

Policy on Ethics

IAC's operations has always been established on truthful and ethical conduct, aside from strict compliance with prevailing laws and regulations. With its Human Resources Team now more carefully selecting all new employees who will be joining the Company, IAC also puts high importance both on each applicant's qualifications, as well as on his/her complementation with the set of core values espoused by the Board and the Management. Guided by IAC's codified policies which have been re-developed and improved by its Human Resources Team in the year 2007, the Company also ensures that all members of the organization are made properly aware of the Company's acceptable behavior and business practices by way of a New Employee Orientation Course. Following this, all newly hired employees of the Company are also provided with their Employee Company Policies Handbook (including a comprehensive list of IAC's codified policies and penalty system), as soon as they board with IAC.

Policy on Corruption and Bribery

IAC's Management is committed to employing truthful and ethical business practices. As such, it condones any act of bribery or corruption from or involving any of its employees or agents, which can utterly taint its reputation or hinder its goal of promoting integrity and utmost professionalism within the organization, regardless of the member's position, employment level and/or tenure in the Company.

Given this, no employee or agent of the organization is allowed to explicitly or implicitly solicit, accept, or agree to receive financial considerations, as well as other non-monetary considerations, which may have an impact on their work performance or decision-making duties, more so as a reward for performing any act or rendering any decision, which may later appear prejudicial to the Company, its Management, or any other member of the organization. Similarly, no employee or agent of the organization is also allowed to offer, promise or provide any financial consideration or advantage with the intention of inducing or rewarding their improper performance of their duties and/or for other analogous reasons.

Policy on Conflict of Interest

All employees of the Company are prohibited from having any financial interest that are or appear to be in conflict with their effective performance of their duties. Unless explicitly authorized by the Company, such as in the case of a few back support units temporarily allowed to become profit-generating centers and regularly solicit incoming businesses for the sole purpose of proactively helping the Company meet its current production and collection targets, no employee of the Company other than those officially assigned under its sales or collection teams, may also solicit businesses or accept premium payments in behalf of the Company. Similarly, employees of the Company are also prohibited from engaging i) in any undertaking that lies in direct competition with the Company, as well as ii) in any work outside the Company's premises without any official permission from the authorized approving officers of IAC.

Policy on Proprietary Information and Confidentiality

IAC is committed to disclosing all material information required by various agencies, in a timely manner. In this connection, IAC has also adopted a policy prohibiting its employees who are considered to have knowledge of material facts and information regarding the Company and its affairs, which have not yet been officially disclosed, to release any information to any person or party without the explicit consent of the Company, in the same way that they are also strictly prohibited by the Company from copying, emailing or bringing out any company material containing data or information proprietary to IAC.

Policy on Reporting a Questionable Activity, Fraud,Unethical Conduct or Other Malpractices

IAC does/will not tolerate unethical conduct. It is for this reason that the Company has established a policy on reporting questionable activity, fraud, unethical conduct or other malpractices by either employees or agents of the Company.

Employees, agents, customers, and/or third party service providers who wish to file or submit a report relating to the above (for the purpose of policing the offending agents or employees of the Company not as an act of betrayal to the agent or employee, but more as an act of loyalty to or genuine concern for the Company), shall have the option to send their report to the Company by way of either a regular* or electronic mail**, which, to dispel fears of retaliation, shall be kept under strict confidentiality and anonymity.

In case of the absence of a Chief Compliance Officer, any Senior Officer shall examine the substance and validity of all reports received. (Reports may also be submitted to the HRD or Internal Audit Units.) Once the disclosure is found well-substantiated or with enough basis, the report shall be endorsed to the Company's HRD and/or Internal Audit for further investigation. (Meanwhile, the whistleblower shall also be promptly informed if his/her report has been found poorly substantiated, and may also be advised on what he/she will still need to present should he/she wish to re-submit the report.

All commendable reports shall be given their due recognition.

* For regular mails, please send your report to:Unit 1, 20th Floor, Banco de Oro Plaza, Paseo de Roxas Avenue near corner Makati Avenue, Barangay Bel-Air, Makati City 1200

** For electronic mails, please send your report to:hrd@investors-assurance.com, and/or internal_audit@investors-assurance.com

Policy on Employee Safety

IAC's Human Resources and Development (HRD) and Administration and General Services (AGS) units are the units primarily tasked to monitor all matters regarding employee safety and health, including the timely updating of the company's emergency procedures, the timely replacement of the Company's emergency equipment, and the timely revision of each IAC office's fire or earthquake evacuation plans. Occasionally, the AGS unit also coordinates with the local fire bureaus and/or building administrators to conduct in-house disaster prevention and preparedness seminars as well as emergency drills, for the employees' benefit, while the HRD has been assigned to accompany all employees who may instantaneously require some medical assistance while they are still within the workplace.

The Company strictly prohibits employees under the influence of alcohol and/or suffering from a highly contagious disease, which can affect other employees of the Company, from reporting for work. Similarly, IAC also strictly prohibits its employees from using any prohibited substance, and, as such, regularly subjects its employees to an annual medical check-up.

Employee Work-Life Balance

IAC recognizes its employees need for work-life balance. The Company understands that having a productive and motivated workforce can only be achieved if each employee of the organization shall have enough time and resources to take some rest and relaxation, as well as to pursue other interests and engage in other activities not relating to their work and/or geared towards their personal growth.

Given this, the Company supports and encourages its employees to take up further studies by occasionally offering sponsorships to short seminars and courses relating to employees' functions, as well as allowing some employees assigned to various departments (subject to the HRD's evaluation and management approval) to file for a study leave and/or take up their post-graduate degrees by way of attending evening and weekend classes and occasionally leave the office an hour earlier than the end of the Company's official business hours, while they are still working for IAC.

In addition to the above, the Company's HRD also regularly facilitates the Company's annual team-building, corporate social responsibility, and year-end Christmas party activities (regularly including special games, raffles, employee numbers, annual gift-giving and special guests/live bands), while also occasionally developing/offering other additional employee welfare programs and activities, such as, but not limited to the following:

in 2008, the Company's HR Team has come up with an alternative selection of various company benefits (such as comprehensive medical insurance, post-paid mobile phone line, local travel package, gym membership, etc.), which qualified regular employees may choose from depending on their respective lifestyle and personal needs, in exchange of a portion of the usual total number of leave credits that they were able to enjoy, facilitated a free eye and medical check-up for all head office employees, reinstated IAC's monthly employee perfect attendance lunch-out, proposed a variety of leave credits in addition to the already available sick/emergency and vacation leave credits, particularly including those for birthday, nuptial, and bereavement, etc. Later after 2008, the Company's HR and AGS Teams have also been jointly occasionally designing and conducting various in-house seminars covering topics such as Change Management, Japanese 5S Housekeeping Techniques for the Workplace, Effective Customer Service, and a few more relating to the organization's unique training and development needs, inter-departmental talent competitions, head office tagline and copywriting contests, once-a-month employee bonding activity clubs, IAC birthday muse, sports fest and basketball championship game, Zumba, and IAC Christmas video-making, holiday office decorating, "Monito-Monita" gift giving activities, and traditional best-in-costume contests, among a few others. (Currently, the Company's HR Team is also in the process of designing a new set of more simple yet fresh office-bound activities to alternately choose from, with the goal of continuously uplifting all of its employees' morale and spirits, such as its Halloween Trick-or-treat Activity for all employees' kids, 'IAC Fright Night', and its 'HO Best in Halloween Work Area Design' Contest; its Pre-New Year After-working hours' celebration with free movie-showing, 'IAC Sparkling Wine and Cheese Night'; its Holy Week commemoration, 'IAC half-day Lenten Recollection'; its counter rainy season blues and Friday dress-down day, 'All September Fridays Boodle fest and Personalized IAC Jacket day', aside from a few more.

Next year, the Company also intends to hold a few employee workshops, which can help those who may still be having difficulties in adjusting to the organization familiarize themselves with the rest of the members of the organization thru a buddy system, or those having difficulties meeting the demands or requirements of their work, be more familiarized with the company's chain of processes, as well as with the technical aspects of non-life insurance thru a mentor-mentee program and/or the monthly free in-house seminars lined up for prospective agents of the Company, which shall also be open to employees.

IAC requires its employees to report to work for (only) five days a week, and discourages regular overtime work among all of its line managers and rank-and-file employees. Its regular office hours are from 8.30 a.m. to 5.30 p.m., with employees enjoying a 1-hour lunch break and 15-minute afternoon coffee break per day.

Aside from the above, all regular IAC Head Office employees are also afforded a maximum of 30 days combined sick and vacation leave credits, in addition to the regular holidays and special non-working days, which they may also utilize to take their needed rest and recreation.

Employee Training

IAC is committed to honing its employees' potentials, talents and skills by affording them opportunities for both formal and informal trainings. Aside from sponsoring some of its employees to seminars and courses relating to their work or the business, the Company's HRD, Marketing and Underwriting Teams have also recently designed new training modules in connection with its recent soft-launching of a series of in-house seminars both on the basic and more technical aspects of non-life insurance, targeted to equip both employees and prospective agents of the Company with the competencies they will need to have not only in order to perform their current set of duties for the Company, but as well as to prepare them for higher responsibilities and changes in the Company's business and operations.

The Company has always been confident in its ability to afford all of its new employees with a good training ground to advance in their careers, just as it is able to boast of a number of its former employees holding lower level positions being able to make it as part of the Company's Management Team or as Senior Managers and Executives in other reputable and/or large-sized companies.

Given the Company's revised employee level grade since 2007, well-performing employees are able to enjoy more in-step rank movements while they also strive to prolong their tenure in the Company.

Policy on Internal Controls

While the Management is the one responsible for overseeing the Company's day-to-day implementation of internal control processes, IAC's Board of Directors is the one primarily responsible for establishing and reviewing the Company's internal control system. Nonetheless, all IAC employees are involved in its internal control processes. (Given the BOD's continued review and design of new internal control systems, the Management's day-to-day supervision on the existing system's implementation, and the Company's internal auditor/s' continuing review and monitoring of the Company's processes and systems, IAC's current internal control system will still appear to be effectively functioning.)


20th Floor, BDO Plaza, Paseo de Roxas Avenue near corner Makati Avenue, Barangay Bel-Air, Makati City, Philippines 1200
Trunk Lines: (+632) 822.4000, 822.5000
Mobile Lines: (+63917) 821.8254 [Globe], (+63998) 962.0815 [Smart]
Facsimile: (+632) 891.1200
Email: inquiry@investors-assurance.com