The Insurance Commission has assured the public that all cases falling under its jurisdiction are fully investigated and dealt with in accordance with existing laws and regulations.
This was the commission’s statement Thursday, in relation to accusations that it was delayed in its action on the recent filing of an administrative case of a certain Mona Tan against the Philippine American Life and General Insurance Co. and three of its agents for allegedly manipulating her insurance policies amounting to P101 million since 1990.
“It is, thus, regrettable that this commission is being accused of inaction and delay. Nevertheless, in view of the pendency of the case, this commission deems it proper and appropriate not to comment on the merits of the case and will let the process run its course,” the commission said in a statement.
“In this regard, this commission urges the parties involved and the public from forming any speculations regarding this matter in order to prevent any negative impact on the insurance agency sector and the insurance industry as a whole,” it said.
Based on its records, the Insurance Commission said Tan filed an administrative case sometime in February 2017 against Philam and three Philam agents on the ground that the methods of business of the respondents was such as to render its proceedings hazardous to the public or its policyholders.
“In observance of this Commission’s Rules of Procedure, the parties have undergone the regular stages of an administrative proceeding from filing of the complaint until the conduct of mediation proceedings and Pre-Trial. Meanwhile, several issues were raised by both parties in addition to requests for postponement filed by both parties on separate occasions,” it said.
As of date, a hearing is scheduled on Aug. 28, 2018 for the initial presentation of the evidence of the complainant Tan.
“Based on assurance given by Philam to this commission, Philam will continue to comply with the process,” it said.
“Rest assured that this commission does not and will not tolerate any unethical practices in the insurance industry,” it said.
Philam on Wednesday denied the allegations of Tan, saying it was cooperating fully with the Insurance Commission.
Earlier reports said Tan, a businesswoman with disability, accused Philam Life of manipulating her 359 insurance policies worth P101 million since 1990.
At a news conference in Quezon City, Tan, owner of an auto supply in Binondo, Manila, urged the Insurance Commission to revoke the certificate of authority granted to Philamlife and its agents”•Leticia Ang, Vicente Ang and Ernesto Lim”•“on the ground that their method of business is such as to render its proceedings hazardous to the public or to its policy-holders.”
She presented to the media a 16-page complaint filed against the respondents with the Department of Finance’s Insurance Commission.
She said she had been a client of Philamlife since 1990 and bought 359 insurance policies for her family members and employees worth P101 million, adding she trusted the Angs and even allowed them to manage and keep track of her policies “with little supervision.”
She complained she gave the two respondents full access to her records and followed their advices, and that the Angs duped her when they did not her options when choosing insurance products and their specifications.
She blamed the company management for lack of protective and security measures to safeguard its clients from abuses of its agents.