Regulator tells insurers to speed up payments of claims for damage, death due to Typhoon Rolly
MANILA, Philippines—Insurers have been tasked by their regulator with speeding up payment of insurance claims related to damage wrought by Supertyphoon Rolly this week.
Insurance Commissioner Dennis B. Funa on Wednesday (Nov. 4) issued Circular Letter (CL) No. 2020-106 listing guidelines on managing policies that allow plan holders to draw funds for typhoon-related claims.
Funa said all insurance and reinsurance firms, mutual benefit associations (MBAs), pre-need providers, and health maintenance organizations (HMOs) must grant claims arising from damage to structures and crops and deaths due to Rolly.
Citing news reports, Funa noted that Rolly resulted in billions in pesos worth of infrastructure and agriculture damage, on top of a death toll that has reached 20.
Funa said all entities under regulation by the Insurance Commission (IC) were being required to “adopt and implement claims management policies” related to the world’s strongest storm this year.
Funa’s directive asked insurers to relax and streamline procedures for the immediate processing and payment of claims related to Rolly.
Insurers were also required to relax notice of claim period and the period to complete claim requirements, according to Funa.
He said insurers should also improve customer service to better attend to claimants who suffered loss of lives or property during Rolly’s onslaught.