MICROCAPITAL BRIEF: Insurance Commission of the Philippines Promotes Alternative Dispute Resolution in Microinsurance

The Insurance Commission of the Philippines (ICP), a government agency that regulates and supervises the country’s insurance industry, has been holding seminars in various parts of the country to present its latest strategies in consumer protection for microinsurance clients. The seminars are targeted at insurance providers and focus on a process for alternative dispute resolution that has been created by ICP and the government’s National Credit Council, which is part of the Department of Finance, in collaboration with the Technical Working Group of Insurance Associations. This resolution mechanism aims at resolving disputes without the use of the court system in order to reduce expenses and delays. The seminars also emphasize the need to develop additional insurance products for the poor and expand existing ones.

ICP is a government agency based in the Filipino city of Manila, and its mission is to “protect the interest and welfare of the insuring public and to develop and strengthen the insurance industry.”

By Juan Blanco, Research Associate

About Insurance Commission of the Philippines (ICP)

The Insurance Commission of the Philippines (ICP) was created in 1949 and is mandated by law to regulate and supervise the country’s insurance industry. Its mission is to “protect the interest and welfare of the insuring public and to develop and strengthen the insurance industry.” Specifically, its objectives are promoting the growth and financial stability of insurance companies; maintaining a minimum standard of performance for insurance companies; educating the public about insurance; establishing a sound insurance market; and safeguarding the rights and interests of the insured. ICP’s vision is that every Filipino will have the opportunity to be covered by insurance by the year 2020.

Sources and Additional Resources

[1] Phillipine Information Agency, “Insurance Commission advocates least cost in microinsurance disputes” by Leonard T. Pineda, April 1, 2014, http://news.pia.gov.ph/index.php?article=2421396329450

MicroCapital Story, November 9, 2013, ““Alternate Dispute Resolution for Microinsurance” (ADReM) Introduced in Philippines to Mediate Disputes Out of Court,” https://www.microcapital.org/microcapital-brief-alternate-dispute-resolution-for-microinsurance-adrem-introduced-in-philippines-to-mediate-disputes-out-of-court/

MicroCapital Story, September 30, 2013, “Philippines-based Cebuana Lhuillier Insurance Solutions (CLIS) Launches “Microinsurance on Wheels”,” https://www.microcapital.org/microcapital-brief-philippines-based-cebuana-lhuillier-insurance-solutions-clis-launches-microinsurance-on-wheels/

MicroCapital Story, April 28, 2011, “Insurance Commission of the Philippines Expects 20% of Population to be Insured by End of 2011,” https://www.microcapital.org/microcapital-brief-insurance-commission-of-the-philippines-expects-20-of-population-to-be-insured-by-end-of-2011/

MicroCapital Universe Profile: Insurance Commission (IC) of The Philippines, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Insurance+Commission+%28IC%29+of+the+Philippines

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