THE INSURANCE Commission (IC) on Wednesday, June 17, directed all regulated insurance entities to expedite claims processing in areas placed under a state of calamity following the magnitude 7.8 earthquake that struck Mindanao.
The IC said Circular Letter No. 2025-21 requires all regulated entities to fast-track the processing, approval and payment of claims whenever a national or local state of calamity is declared.
The circular also mandates the relaxation of company procedures and documentary requirements for claims involving damage caused by disasters.
In addition, regulated entities are directed to extend the period for submitting claim notices and other required documents for a reasonable time after the occurrence of a disaster.
The IC said insurers and other regulated entities must provide necessary assistance to claimants during the claims process, ensure that damage assessments are properly documented in official records to facilitate prompt settlement, and coordinate with local government units and government agencies involved in relief and rehabilitation efforts.
“The Commission reminds all regulated entities that prompt claims settlement is not only a regulatory obligation but also a vital means of providing immediate financial assistance to communities, especially those that need to rebuild after a disastrous calamity,” Insurance Commissioner Reynaldo Regalado said in a statement.
“Let us ensure that affected policyholders receive the support they need without any delay,” he added. (PNA)
