INSURANCE companies and other regulated firms have been ordered to accelerate the processing and payment of claims in areas affected by the Mindanao earthquake.
“[P]rompt 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 on Wednesday.
“Let us ensure that affected policyholders receive the support they need without any delay,” he added.
The Insurance Commission said all insurance companies, reinsurers, mutual benefit associations, health maintenance organizations and other regulated entities should implement special claims-handling measures under Circular Letter 2025-21.
Under the circular, regulated entities are required to expedite the processing, approval and payment of claims in areas under a state of calamity.
Companies were also instructed to relax internal procedures and documentary requirements where appropriate to facilitate faster settlement.
Insurers were directed to extend the period for the filing of claims and submission of supporting documents for a reasonable period as many affected residents could face difficulties obtaining records or accessing government offices.
Necessary assistance should be provided to claimants throughout the claims process, damage assessments must be properly documented and reflected in official records, and coordination made with local government units and government agencies involved in relief and rehabilitation operations.
