Bill of rights to protect insurance policyholders issued
THE INSURANCE Commission has come out with a bill of rights detailing an insurer’s obligations to consumers to better protect policyholders, specifying sanctions for noncompliance.
Circular No. 2016-30 issued by Insurance Commissioner Emmanuel F. Dooc last May 26 laid down the “Bill of Rights of Policyholders” that listed down the basic rights of the insured under the Amended Insurance Code as well as its implementing rules and regulations.
Policyholders refer to owners of insurance policies, who might be the insured or assured in a life or non-life insurance policy or the beneficiary, Dooc noted.
The bill of rights also protects insured members and covered dependent of mutual benefit associations as well as prospective clients or the insuring public as a whole.
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, and right to be informed of the benefits, exclusions and other provisions under the policy.
Also, planholders have the right to receive the policy; right to confidentiality of information; right to efficient service from insurance companies, intermediaries and soliciting agents; right to prompt and fair settlement of claims, as well as the right to seek assistance from the Insurance Commission.