Philippines Insurance Commission signs cooperation agreements on alternative dispute resolution, crop insurance and ICT modernisation

The Philippines Insurance Commission announced, during its 76th founding anniversary celebration, that it executed one Memorandum of Agreement and two Memoranda of Understanding aimed at strengthening dispute resolution for insurance claims and complaints, enhancing collaboration in insurance and risk management, and supporting the agency’s digitalisation and information and communications technology modernisation initiatives. The Memorandum of Agreement with the Office for Alternative Dispute Resolution provides for mutual cooperation to reinforce the use of alternative dispute resolution mechanisms in the mediation and adjudication of claims and complaints against the Commission’s regulated entities. An MOU with the Philippine Crop Insurance Corporation covers collaboration, capacity enhancement and information sharing in insurance and risk management, while an MOU with DBP Data Center, Inc. establishes a framework for cooperation on planning, development, implementation and support of digitalisation initiatives, ICT modernisation and IT-enabled services. In remarks delivered at the event, Finance Undersecretary Maria Luwalhati C. Dorotan-Tiuseco, speaking for Finance Secretary Ralph G. Recto, highlighted the Commission’s embrace of innovation and digitalisation, and Insurance Commissioner Reynaldo A. Regalado urged staff to transform the agency into a modern regulator, enabler and innovator.