The Cooperative Insurance System of the Philippines was founded on January 25, 1974. It was organized to promote and engage in the service of life insurance as a cooperative. It was issued a Certificate of Authority by the Insurance Commission on September 30, 1974. It was registered on April 5, 1975 with the Department of Local Government and Community Development under P.D. 175. It is operating nationwide with 8 area offices, insuring mostly the underprivileged and farmers of the country. It is being regulated by two Government Agencies; the Insurance Commission (IC) and the Cooperative Development Authority(CDA). To date, CISP has more than 2,000 cooperative members and insuring over 700,000 individuals annually.