Insurance Commission Issues Bill of Rights to Protect Policyholders

Manila Bulletin, June 1, 2016 | Go to article overview

Insurance Commission Issues Bill of Rights to Protect Policyholders


The Insurance Commission (IC) has issued a circular that would govern insurer's obligations to policyholders.

Under IC Circular Letter No. 2016-30 or the "Bill of Rights of Policyholders," Insurance Commissioner Emmanuel F. Dooc has outlined the 10 basic rights of the insurance policyholders.

According to Dooc, the bill of rights was issued to promote and safeguard the interest and welfare of the insurance public.

"The circular letter enjoins all life and non-life insurance companies, mutual benefits associations and insurance intermediaries doing business in the Philippines to observe the bills of rights and to ensure conformity thereto at all times," Dooc said.

Non-compliance or violation of the bill of rights of policyholders shall be considered as breach of the pertinent insurance laws, rules and regulations and may result in the imposition of administrative sanctions and penalties, the official said.

"The need for the promulgation of the policyholder's bill of right became apparent due to a growing number of policyholders falling victim to fraud and unethical business practices," Dooc explained.

He also said that adequate consumer protection ensures development of trust in insurance which will result in the further development of the insurance industry in the country. …

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Insurance Commission Issues Bill of Rights to Protect Policyholders
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