NextGen Day

The Insurance Commission (IC), which has the responsibility of overseeing the nation’s insurance agencies, will continue to develop and offer top-notch services.

Deputy IC commissioner Ericsson Balmes said during the #LagingHandaPH public forum on Thursday, “We are going for strong, sustainable and globally competitive, regulated entities and we are committed to implementing progressive, regulatory and supervisory policies at par with international standards.”

The Insurance Commission (IC), which falls under the Department of Finance, is responsible for enforcing Republic Act 10607, also known as the Insurance Code of the Philippines as amended and overseeing the regulation of all regulated entities, including life, non-life, surety, and HMOs (health maintenance organizations).

According to Balmes, the agency was able to offer its essential services during the coronavirus disease 2019 (Covid-19) pandemic by cooperating with the insurance sector.

“The insurance sector in your country is currently paying out over PHP21 billion in claims for instances that are directly related to Covid. In addition to other claims, the insurance sector paid out PHP21 billion in Covid-related cases throughout the time of Covid. This is according to the Insurance Commission, which is working together as the industry’s umbrella organization. The insurance business and the Insurance Commission upheld their obligations in times of need) “Balmesa declared.

For his part, Rico Bautista, president of the Philippine Life Insurance Association, which is made up of 32 life insurance companies, said his organization, which is collaborating with the government, will support the needs of Filipinos through financial education and awareness.

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