A Makati City court nullified Circular Letter No. 2017-04 issued by Credit Information Corp. that required insurers to submit the premium payments, insurance contracts and policy loans of clients.
The Makati Regional Trial Court Branch 56 in a decision Jan. 4, 2019 said premium payments, insurance contracts and policy loans were not within the ambit of basic credit data required to be submitted under Republic Act No. 9510, or the Credit Information System Act. The court said the requirements did not pertain to a borrower’s performance on a loan, credit line, guarantee or any other form of financial accommodation.
The court negated the allegation of CIC that the law expressed the inclusion of any data reflective of a borrower’s creditworthiness and other factual and objective information related to the submission of data files or other sources of information.