IC rolls out relief measures for insurers, consumers amid crisis

THE Insurance Commission (IC) has outlined relief measures for regulated entities and consumers amid the national state of energy emergency declared due to the war in the Middle East.

The regulator has issued two circulars that will extend grace periods for payments as well as reportorial requirements, among others.

“These measures are intended to provide meaningful relief to both consumers and IC-regulated entities (ICREs), ensuring that they are able to navigate the challenges brought about by the current economic conditions while maintaining continuity of coverage and compliance,” Insurance Commissioner Reynaldo A. Regalado said in a statement on Thursday.

“In times of economic strain, it is imperative that regulatory frameworks remain responsive — balancing consumer protection with operational flexibility for industry players so that no stakeholder is left behind.”

Under Circular 2026-11 dated May 13, the IC directed ICREs to grant policyholders, planholders, and health maintenance organization members a minimum grace period of 90 days for premiums, installments, or fees that are due from April 15 to May 31.

ICREs have been instructed to extend the coverage of policies or agreements that are scheduled to lapse or expire on or before May 31 by 90 days, subject to the payment of corresponding premiums. Companies will likewise grant a temporary three-month grace period for loan repayments.

Meanwhile, the regulator has temporarily adjusted the cap for the aggregate amount of loans extended to officers, employees, and sales associates of insurance companies to 20% of the net worth of the company from 6% previously. A temporary grace period of at least three months without penalties or interest will likewise be granted for loans to employees.

Under Circular 2026-10 dated May 6, the IC also granted firms a 30-day extension for the submission of all reportorial requirements due for the periods covering April to June.

The regulator also urged insurance agents to be proactive in assisting clients, emphasizing the need to provide fair and appropriate advice, support in claims processing, and ensure that policyholders are fully informed of available relief measures.

“The circulars aim to cushion the impact of prevailing economic challenges on policyholders while providing operational flexibility to industry participants,” it said. — AMCS