The Insurance Commission (IC) has enjoined its regulated entities to adopt and implement claims management policies that will facilitate immediate processing of insurance, reinsurance, mutual benefit association (MBA), pre-need and health maintenance organization (HMO) claims that are related to Typhoon Odette.
“This commission recognizes that the damage and/or loss to life and property resulting from the onslaught of Typhoon Odette may give rise to claims against insurance and reinsurance companies, MBAs, pre-need companies, and/or HMOs,” Dennis Funa, insurance commissioner, said in a statement yesterday.
“Following the damage to life and property caused by Typhoon Odette, there is a need to prescribe guidelines that will aid in the facilitation of the immediate processing and/or payment of such claims against said regulated entities that are related to said typhoon,” Funa added.
Under Circular Letter No. 2021-71, all insurance and reinsurance companies, MBAs, pre-need companies and HMOs are enjoined to adopt and implement claims management policies relative to the processing and/or payment of claims that are related to Typhoon Odette.
These policies aim to relax and streamline existing company procedures and mechanisms that will facilitate immediate processing and/or payment of claims related to Typhoon Odette; relax the notice of claim period and the period for completion of claim requirements; and enhance services that will improve overall customer claims experience.
“It is our hope that the Circular Letter will aid our fellow kababayans to ease the burden of recovering from the devastating typhoon and that, in the truly Filipino spirit of bayanihan, our regulated entities will follow the direction provided by this commission,” Funa said. – Angela Celis
