Republic of the Philippines
Department of Finance
INSURANCE COMMISSION
1071 United Nations Avenue
Manila
PRESS RELEASE
01 JUNE 2016
INSURANCE COMMISSIONER PROMULGATES BILL OF RIGHTS OF
POLICYHOLDERS
On May 26, 2016, Insurance Commissioner Emmanuel F. Dooc signed Circular Letter
No. 2016-30 or the "Bill of Rights of Policyholders" which consists of an enumeration
of the 10 basic rights of the insurance policyholders.
Commissioner Dooc said, "The Bill of Rights of Policyholders was issued in
furtherance of the mandate of the Insurance Commission 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."
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.
According to Commissioner Dooc, "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. Adequate consumer protection ensures
development of trust in insurance which will result in the further development of the
insurance industry in our country."
"Our approach to regulation and supervision over the insurance industry is
proportional, recognizing that the right balance must be struck between protecting the
insuring public and facilitating the access to insurance by promoting the development
of the insurance industry.", Commissioner Dooc added.
Commissioner Dooc mentioned that the Insurance Commission will likewise formulate
a similar framework to cover the pre-need and health maintenance organization
sectors.
The specific rights of policyholders are as follows: right to a financially sound and
viable insurance company; right to access insurance companies' official financial
information; right to be informed of the license status of insurance companies,
intermediaries and soliciting agents; right to be offered a duly approved insurance
product; right to be informed of the benefits, exclusions and other provisions under the
policy; right to receive the policy; right to confidentiality of information; right to efficient
Head Office: P.O. Box 3589 Manila FAX No.522-14-34 Tel. Nos. 523-84-61 to 70 Website: www.insurance.gov.ph
service from insurance companies, intermediaries and soliciting agents; right to
prompt and fair settlement of claims; and right to seek assistance from the Insurance
Commission.
The drafting of the Bill of Rights was done in consultation with the life and non-life
insurance sectors, and mutual benefit associations.
OM/ 1/1A-e akfry
ATTY. J ANNE FRANCES D.C. CASTRO
Media Pelations Officer
6325238461 to 70 loc. 115
[email protected]
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