Insurance Commission

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    Date: 2021-09-10 00:29:18.050522

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    Date: 2021-09-15 11:02:25.644675

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    Date: 2021-10-13 01:23:34.075166

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Rules on interest being charged by insurance company to insurer

Requested from IC by E. DYCHIAO at 12:29 AM on Sep 10, 2021.
Purpose: Personal clarification as Insurance company will not respond
Date of Coverage: 01/01/2019 - 09/10/2021
Tracking no: #IC-630850619940

DYCHIAO 12:29 AM, Sep 10, 2021 

Dear Sir/Madam
I have an insurance policy with PruLife and since no one is reminding me of my anniversary payment , I skipped and when I realized the payment has passed they informed me that it was put on "loan" status.
I asked that I will pay my due and they gave me a humongous rate of interest to be paid. I then requested a computation as to how they arrived at the interest was done and they never replied back even if i said iwant to pay everything but i need how they computed for the interest. are they allowed to charge so much ? thank you  my mobile 09178980588

Cuenta 11:02 AM, Sep 15, 2021 

September 15, 2021

Dear EDITH,

Thank you for your request dated Sep 10, 2021 under Executive Order No. 2 (s. 2016) on Freedom of Information in the Executive Branch, for Rules on interest being charged by insurance company to insurer.

We received your request on Sep 10, 2021 and will respond on or before Oct 01, 2021 12:29:18 AM, 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/aglzfmVmb2ktcGhyHAsSB0NvbnRlbnQiD0lDLTYzMDg1MDYxOTk0MAw, for request with ticket number #IC-630850619940.

Thank you.

Respectfully,

John Philip Cuenta
FOI Officer

Espejon 01:23 AM, Oct 13, 2021 

October 13, 2021

Dear EDITH DYCHIAO,

Greetings!

Thank you for your request dated Sep 10, 2021 12:29:18 AM under Executive Order No. 2 (s. 2016) on Freedom of Information in the Executive Branch.

Your Request

You asked for Rules on interest being charged by insurance company to insurer.

Response to Request

Please be informed that the Rules on interest being charged by insurance company to insurer(insured), is indicated in the policy duly approved by the Commission. Should you need further assistance, you may seek assistance from our Public Assistance & Mediation Division.
     
     Ms. Ma. Lourdes L. Ramos
     Officer-In-Charge
     Public Assistance and Mediation Division
     Trunkline: 85238461 local 127/103
     Direct: 84041758
     email: mll.ramos@insurance.gov.ph<mailto:mll.ramos@insurance.gov.ph> or publicassistance@insurance.gov.ph<mailto:publicassistance@insurance.gov.ph>

Your right to request a review

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 writing to 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).

Thank you.

Respectfully,

Tranquilino Espejon
FOI Receiving Officer

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