Philippine Insurance Commission to Strictly Implement Policyholders’ Bill of Rights


The Insurance Commission (IC) is ratcheting up its effort in advancing the protection of the insuring public as one of the regulator’s key initiatives.

Following the adoption of IC Circular Letter No. 2016-30 or the Bill of Rights of Policyholders in May 26, 2016, the IC is set to adopt a series of circular letters implementing the Bill of Rights of Policyholders.

Insurance Commissioner Emmanuel F. Dooc said, “Having promulgated the Bill of Rights of Policyholders, we are moving forward with promulgating guidelines and initiatives, in addition to those already existing, to ensure that the Bill of Rights of Policyholders is strictly and properly observed.”

Commissioner Dooc said that the IC will soon issue enabling circular letters, in addition to those already in place, in the application and operationalization of the Bill of Rights of Policyholders to ensure that insurance companies and mutual benefit associations conforms to the provisions of the said Bill of Rights.

“We are eyeing to promulgate rules including the conduct examination of companies to verify companies are taking appropriate steps to ensure observance of these rights in all its transactions with the insuring public; requiring insurance companies, mutual benefits associations and insurance intermediaries to prominently post a copy of the Bill of Rights in a conspicuous place within their office premises; and requiring insurance companies and mutual benefits organizations that a copy of the Bill of Rights be inserted in the policy kit issued to its policyholders and members, respectively, upon issuance of policy.”, Commissioner Dooc said.

“Taking from our very own mandate, we continue to strive to revisit our insurance customer protection framework. Over the years, our regulatory frameworks have been focusing on strengthening of the insurance industry, creating a conducive regulatory atmosphere for diversification and innovation of insurance products, opening new insurance markets and discovering distribution methods in marketing and sale of insurance products. This led to phenomenal growth of the insurance industry particularly in terms of premium and market penetration. These developments have contributed to the increasing need to protect the burgeoning army of policyholders,” said Commissioner Dooc.

He added, “While empowering the insurance industry, the Insurance Commission should also not lose sight of the insurance clients and policyholders. This is the primary reason why the Bill of Rights was crafted. It is a ten-point rule, easy-to-understand, one-page decalogue, embodying the basic rights of a policyholder or beneficiary of an insurance company under the pertinent laws, rules and regulations governing the insurer-insured relationship.”

Commissioner Dooc likewise emphasized the right of the policyholder to information and the freedom to have it obtained cannot be overemphasized over which according to him is consistent with the present administration’s thrust of abhorring secrecy and promoting transparency in the conduct of business and in rendering of insurance service to clients.

In addition, the IC continues to conduct insurance literacy programs. According to Commissioner Dooc, “As a regulator, the Insurance Commission’s mandate is to bring back and reinforce the public’s trust and confidence in the insurance industry. We continue to conduct literacy campaigns to address the issue of lack of insurance literacy, particularly their rights under their policy.”

Commissioner Dooc mentioned that the IC will translate the Bill of Rights in Filipino and will formulate a similar framework to cover the pre-need and health maintenance organization sectors. –