MANILA: The Insurance Commission (IC) will continue to evolve into providing world-class services in its duty to regulate insurance agencies in the country.
“We are going for a strong, sustainable and globally competitive, regulated entities and we are committed to implement progressive, regulatory and supervisory policies at par with international standards,” deputy IC commissioner Ericsson Balmes said Thursday during the #LagingHandaPH public forum.
The IC, which is under the Department of Finance, implements Republic Act 10607, or the Insurance Code of the Philippines as amended, and regulates insurance entities in life, non-life, surety, HMOs (health maintenance organizations) and other regulated entities.
Balmes said the agency, together with working the insurance industry, was able to provide its key services during the coronavirus disease 2019 (Covid-19) pandemic.
“Ang inyo pong insurance industry ay nakapagbayad ng higit-kumulang sa PHP21 billion Covid-related cases nito pong panahon ng Covid bukod po sa ibang mga claims. Sa panahon ng pangangailangan ng inyong insurance industry, kasama ng Insurance Commission ay maasahan; hindi po sila tumatakbo sa kanilang mga pananagutan (The insurance industry paid out PHP21 billion in Covid-related cases during the time of Covid aside from other claims. In times of need the insurance industry and the Insurance Commission lived by its duties and responsibilities),” Balmesa said.
Rico Bautista, president of the Philippine Life insurance Association, which consists of 32 life insurance companies, for his part, said his group that is working with the government will champion the needs of Filipinos through financial awareness and financial education.
Source: Philippines News Agency
