1.Right to a financially sound and viable insurance company. Policyholders shall have the right to an insurance company that is financially stable and solvent to ensure its ability to honor its contractual obligations to its policyholders.

2.Right to access insurance companies’ official financial information. Policyholders shall have the right to access insurance companies’ audited financial statements and annual reports.

3.Right to be informed of the license status of insurance companies, intermediaries and soliciting agents. Policyholders shall have the right to be informed if a particular insurance company, intermediary or soliciting agent is duly licensed to engage in doing insurance business in the Philippines.

4.Right to be offered a duly approved insurance product. Only duly approved insurance products in accordance with the Insurance Code and pertinent regulations shall be offered.

5.Right to be informed of the benefits, exclusions and other provisions under the policy. Policyholders shall have the right to be informed of the benefits, exclusions and all other provisions of the policy.

6.Right to receive the policy. Policyholders shall have the right to receive the policy within a reasonable period of time after payment of premium.

7.Right to confidentiality of information. Policyholders shall be protected from unauthorized disclosure of personal, financial and other confidential information by insurance companies, intermediaries and soliciting agents, except as otherwise allowed by law, regulations or valid court or government order.

8.Right to efficient service from insurance companies, intermediaries and soliciting agents. Policyholders shall have the right to timely and prompt delivery of service from insurance companies, intermediaries and soliciting agents.

9.Right to prompt and fair settlement of claims. Insurance companies shall process and settle policyholders’ claims with utmost good faith and within a reasonable period. Policyholders shall have the right to: (i) receive a written acknowledgement of the claim; (ii) prompt payment of valid claims within the period prescribed under the Insurance Code or pertinent regulations; or, (iii) receive a written denial of claim with the stated ground and/or basis thereof.

10.Right to seek assistance from the Insurance Commission. Policyholders shall have the right to seek assistance in settling any controversy between an insurance company, intermediary or soliciting agent and policyholder. Policyholders shall have the right to: (i) report any wrongful act or omission of an insurance company, intermediary or soliciting agent; (ii) file a complaint against any insurance company for unreasonable denial of a valid insurance claim; and, (iii) institute action against any erring insurance company, intermediary and soliciting agent for any of the grounds provided under the Insurance Code and other pertinent regulations.





Source: Circular Letter (CL) No. 2016-30. Department of Finance – Insurance Commission.

Official website: https://www.insurance.gov.ph/