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    Date: 2023-11-30 16:38:52.208390

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RE: Policy Loan in Insurance Contracts

Requested from IC by J. Hernandez at 04:38 PM on Nov 30, 2023.
Purpose: For research purposes
Date of Coverage: 01/01/2020 - 11/30/2023
Tracking no: #IC-368359591922

Hernandez 04:38 PM, Nov 30, 2023 

Hello! I'm interested in knowing if the Insurance Commission has established any guidelines or issued circular letters pertaining to the policy loan provision within life insurance contracts, specifically regarding the minimum percentage of cash value that a policyholder is eligible to borrow from the insurer.

Ignacio 11:08 AM, Dec 01, 2023 

December 1, 2023

Dear Mr. Hernandez,

Thank you for your request dated Nov 30, 2023 under Executive Order No. 2 (s. 2016) on Freedom of Information in the Executive Branch, regarding Policy Loan in Insurance Contracts.

We received your request on Nov 30, 2023 and will respond on or before Dec 22, 2023 04:38:52 PM, in accordance with the Executive Order's implementing rules and regulations.

Should you have any questions regarding your request, kindly contact me using the reply function on the eFOI portal at https://www.foi.gov.ph/requests/aglzfmVmb2ktcGhyHAsSB0NvbnRlbnQiD0lDLTM2ODM1OTU5MTkyMgw, for request with ticket number #IC-368359591922.

Thank you.

Respectfully,

Edmar Ignacio
FOI Officer

Vinzon 04:50 PM, Dec 11, 2023 

December 11, 2023

Dear Mr. Hernandez,

Greetings!

Thank you for your request dated Nov 30, 2023 04:38:52 PM under Executive Order No. 2 (s. 2016) on Freedom of Information in the Executive Branch.

Your Request

You asked regarding Policy Loan in Insurance Contracts.

Response to Request

In relation to your request, please be informed that, there are no specific guidelines pertaining to the minimum percentage of cash value that a policy holder may borrow from the insurer as advised by our Actuarial Division. Thus,  you may refer to the provision no. 10 in the attached IC CL 1993-14 for some details relative to Policy Loans.

For further inquiries, you may contact our Actuarial Division at 8523 8461 local 121

For your information and guidance.

If you are unhappy with this response to your FOI request, you may ask us to carry out an internal review of the response by email at icrecords-foi@insurance.gov.ph. Your review request should explain why you are dissatisfied with this response, and should be made within 15 calendar days from the date when you received this letter. We will complete the review and tell you the result within 30 calendar days from the date when we receive your review request.

If you are not satisfied with the result of the review, you then have the right to appeal to the Office of the President under Administrative Order No. 22 (s. 2011).

The quality of services you deserve matter to us. To help the Insurance Commission monitor the progress in improving its services, we appreciate accomplishing the Customer Satisfaction Surveys (CSS) through the following link: https://bit.ly/ICCustomerSatisfactionSurvey

Thank you.

Respectfully,

Atty. Albert Lawrence Vinzon
FOI Decision Maker

Attachments:
 CL no 14-93.pdf

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