THE Insurance Commission (IC) has ordered insurance companies, health maintenance organizations (HMOs), and pre-need firms to grant consumers at least a 90-day grace period for premium and installment payments to cushion the impact of the energy crisis on households and businesses.
Through Circular Letter 2026-11, IC Commissioner Reynaldo Regalado issued temporary relief measures for policyholders and operational flexibility for IC-regulated entities (ICREs).
Under the guidelines, insurers, HMOs, and pre-need companies are required to provide a minimum 90-day grace period for premiums, installments, and other fees due from April 15 to May 31.
In addition, regulated entities must grant a minimum 90-day extension of coverage for policies, plans, and agreements scheduled to lapse or expire on or before May 31, subject to the payment of corresponding premiums.
Policyholders and plan holders with outstanding loans are given a three-month leeway for repayments.
“These measures are intended to provide meaningful relief to both consumers and IC-regulated entities, ensuring that they are able to navigate the challenges brought about by current economic conditions while maintaining continuity of coverage and compliance,” Regalado said.
He likewise encouraged regulated firms to adopt additional relief initiatives beyond the minimum requirements set by the Commission.
Insurance agents were also instructed to proactively assist clients by providing fair and appropriate advice, helping facilitate claims processing, and ensuring policyholders are informed of the available relief measures.
Apart from consumer assistance, the Commission provided operational flexibility for the insurance sector.
Under Circular Letter 2026-10 issued May 6, the IC granted regulated entities a 30-day extension for the submission of all reportorial requirements due from April to June. Submissions within the extended period would not incur fines or penalties.
The temporary compliance relief seeks to ease operational burdens on insurers and related entities as they deal with the broader economic effects of the energy emergency.
“In times of economic strain, it is imperative that regulatory frameworks remain responsive — balancing consumer protection with operational flexibility for industry players so that no stakeholder is left behind,” Regalado said.