Kathmandu. Insurance regulators in the Philippines have instructed residents of quake-hit Mindabao to ensure early claim payments.
The Insurance Authority of the Philippines has ordered insurance companies and other entities regulated by the authority to expedite claims settlement in disaster-declared areas after the 7.8-magnitude earthquake in Mindanao. According to the NRA, whenever national or local authorities declare an area a disaster, regulated organizations are required to evaluate claims, approve and make payments quickly.
In a circular issued by the authority, it has also called for a more flexible claim process, including simplifying documentation requirements for loss and damage, to ensure that affected insureds receive benefits faster.
The authority has also directed insurance companies to provide more time to the claimants to patch the claim notices and supporting documents. Under the directive, insurance providers are expected to support insurers during claims processing, maintain accurate damage assessment documentation to ensure speedy claim resolution, and work with the government to speed up the process. –Agency
