IC sets 2-month window for PUV insurance accreditation
THE INSURANCE COMMISSION (IC) said it would accept applications for accreditation under the passenger personal accident insurance (PPAI) program for public utility vehicles (PUV) only from Oct. 1 to Nov. 30.
“Thereafter, no applications shall be given due course,” the regulator said in a circular dated Sept. 24.
The IC added that accreditations would be valid for five years, with no additional approvals to be granted during that period.
Earlier this month, the regulator updated the PPAI framework, raising the required claim fund for insurance pools to at least P50 million, based on risk profiles and coverage data.
Claims not settled within five working days without valid justification will also be subject to 12% annual interest, computed from the sixth working day until payment.
Other revisions include mandatory use of the standard PPAI policy form with an “all risk, no fault” clause, and a requirement for management companies to submit quarterly claim processing reports.
Latest IC data showed the nonlife insurance sector’s gross premiums written rose by 9.92% to P65.6 billion in the first half from a year earlier, while net income inched up 2.71% to P5.12 billion. — Aaron Michael C. Sy
