IC orders insurers to fast-track claims

MANILA, Philippines — The Insurance Commission (IC) has ordered insurance firms to expedite processing and payment of claims whenever a state of calamity is officially declared, whether local or national, to ensure faster support for affected policyholders.

In a circular, the insurance regulator said it acknowledges damage to life and property caused by calamities can trigger claims, emphasizing the urgent need to provide swift financial assistance to affected victims.

The order addressed to all insurance and reinsurance companies, mutual benefit associations, pre-need firms and health maintenance organizations, requires them to provide claimants with the necessary support to facilitate the processing of claims.

“Expedite the processing, approval and payment of claims for damage attributable to said disasters, including relaxation of company procedures and documentary requirements,” the insurance regulator said.

It added that insurance companies are directed to extend the period of submitting claim notices and all required documents for a reasonable time after the occurrence of the disaster, ensuring affected policyholders can file claims without undue pressure.

“The Philippines experiences natural calamities on a yearly basis resulting in loss of lives and properties,” the insurance regulator said. “This Commission recognizes that the damage and/or loss to life and property resulting from the calamity may give rise to claims.”

The IC aso included that all insurance companies are required to ensure that damage assessments are thoroughly assessed and officially recognized on the appropriate records, in order to facilitate the prompt and efficient settlement of claims for affected individuals.

“The Commission will closely monitor compliance with the foregoing and may require periodic reports on status of disaster-related claims,” it said.

It also ordered insurers to coordinate closely with local government units and other government agencies involved in relief and rehabilitation efforts, ensuring that affected claimants receive the necessary assistance.

The IC said the order is in line with the Insurance Code and the Pre-Need Code of the Philippines. It further emphasized that it shall take prompt and decisive action on any complaints, concerns or issues that may be brought or escalated to its attention for resolution.