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Philippine Insurance Commission faces probe over steel firm complaint- The 18th China£¨Guangzhou£©Int¡¯l Sheet metal machinery,Forging, Stamping and Setting Equipment Exhibition
11/16/2016 sheet metal expo |
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Phil Star reported that Insurance Commission and its chief, Emmanuel Dooc were placed under probe by its mother agency over a publicized letter from a steel company that alleged it sat on its complaint for the past eight years.
Tasked by Finance Secretary Carlos Dominguez to look into the issue were Finance Undersecretary Bayani Agabin National Treasurer Roberto Tan and Finance Assistant Secretary Mark Dennis Joven.
The complaint, published as an open letter to President Duterte came from Steel Corp of the Philippines that claimed "inaction on the successive letters" it filed before the IC for nine insurers that failed to pay its claims.
In response, the IC said in a briefer obtained by The STAR that Steel Corp. is "barking up the wrong tree." Dooc, in a separate phone interview, however said he welcomes the probe.
The briefer said that "The letter of the SCP (Steel Corp.) is clearly an attempt to harass the Insurance Commission in view of its failure to obtain a favorable ruling..."
The case involved the petition of Steel Corp. chairman and CEO Abeto Uy to ask nine of their 10 insurers to pay the company claims for two fire incidents in 2008 and 2009.
For the first incident, Uy claimed they only received "partial payment" from insurers UCPB General Insurance Corp., Oriental Assurance Corp., PNB General Insurers Co. Inc. and Equitable Insurance Corp.
In the second, the insurers "refused to pay both material damage and business interruption losses" as a result of the fire, prompting Steel Corp to go to the IC.
Insurers in the second fire were Mapfre Insular Corp., Charter Ping An Insurance Corp. (formerly Philippine Charter Insurance Corp.), Standard Insurance Corp., Asia Insurance Philippines Corp., New India Assurance Co., Ltd. and Malayan Insurance Co., Inc.
Uy said that "What is also apparent is that the IC has been lax in the application and enforcement of its own circular as regards reinsurance reporting requirement supposed to be done by insurance companies.¡± He added that "Further, the commissioner did not take any action to resolve the administrative complaints filed with them several years ago.¡±
But the IC said it already resolved the administrative cases pending before it, adding that such cases do not cover Steel Corp. claims since that will be decided by the court.
IC said in the briefer that "The amount being claimed...is beyond the jurisdictional authority of the Insurance Commission, as the jurisdiction of the commission is limited only to claims of P5 million and below.¡±
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The 18th China£¨Guangzhou£©Int¡¯l
Sheet metal machinery,Forging, Stamping and Setting Equipment Exhibition
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