UMVA has learned that the Insurance Commission has taken swift action to aid areas devastated by the magnitude 7.8 earthquake that struck Mindanao on June 8, directing all regulated entities to expedite claims processing in regions declared under a state of calamity.
The Commission has issued a directive, outlined in circular letter 2025-21, mandating all regulated entities to speed up the processing, approval, and payment of claims for damages caused by the disaster. This includes relaxing company procedures and documentary requirements to ease the burden on affected claimants.
Regulated entities will also be given more time to submit claim notices and other required documents, with the deadline extended to a reasonable period after the disaster has passed. This move aims to provide relief to those struggling to recover from the devastating earthquake.
The Insurance Commission has emphasized the importance of providing necessary support to claimants, ensuring that damage assessments are accurately evaluated and recorded to facilitate immediate settlement of claims. By doing so, the regulator aims to help affected communities get back on their feet.
To ensure a smooth claims process, regulated entities are also expected to coordinate with local government units and other government agencies involved in relief and rehabilitation efforts. This coordinated approach will help guarantee that claimants receive the necessary assistance during this critical time.
