The Insurance Commission has ordered insurers and other regulated entities to speed up the processing, approval, and payment of claims in areas placed under a state of calamity following the magnitude 7.8 earthquake that struck parts of Mindanao.
Insurance commissioner Reynaldo Regalado directed all entities regulated by the commission to implement measures under Circular Letter No. 2025-21 in affected localities.
The circular requires regulated entities to expedite claims arising from disaster-related losses, including by relaxing company procedures and documentary requirements.
They were also instructed to extend the period for filing claim notices and submitting supporting documents for a reasonable time after the disaster.
The Insurance Commission said regulated entities must assist claimants, ensure the proper assessment and documentation of losses, and coordinate with local government units and other 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,” Regalado said.
“Let us ensure that affected policyholders receive the support they need without any delay,” he added.
The earthquake struck several provinces in Mindanao on June 9, prompting local governments in some areas to place their jurisdictions under a state of calamity.
