IC orders insurers to fast-track claims

The Insurance Commission (IC) has ordered insurance firms to expedite processing and payment of claims whenever a state of calamity is officially declared, whether local or national, to ensure faster support for affected policyholders.

- By MARCO LUIS BEECH

In a circular, the insurance regulator said it acknowledges damage to life and property caused by calamities can trigger claims, emphasizing the urgent need to provide swift financial assistance to affected victims.

The order addressed to all insurance and reinsurance companies, mutual benefit associations, pre-need firms and health maintenance organizations, requires them to provide claimants with the necessary support to facilitate the processing of claims.