Philippine Information Agency
BY: APIPA P. BAGUMBARAN
Saturday 26th of October 2013
CAGAYAN DE ORO CITY, October 26 (PIA) --- The Department of Finance-National Credit Council (DOF-NCC) and Insurance Commission (IC) launched here on Thursday, October 24, an alternative redress mechanism for claims disputes in the microinsurance industry.
Dubbed Alternative Dispute Resolution for Microinsurance (ADReM), this mechanism aims to provide stakeholders with options to resolve disputes outside the courtroom to minimize expenses and avoid delays of litigation.
IC Deputy Commissioner Dorothy Calimag in a seminar held in Mallberry Suites said ADReM provides an avenue to settle microinsurance disputes through the swiftest and most accessible means.
She said the ADReM process is characterized by the principles of LAPET which stands for least cost, accessible, practical, effective and timely resolution of disputes.
Cases referred to the ADReM include disputes arising from denied claims or those not fully paid within 10 working days from receipt of complete documents, she said.
Calimag further said microinsurance providers are required to promote the use of ADReM as a recourse mechanism available to policy holders to address disputes.
She also clarified that there will be confidentiality in everything that will be stated in the ADReM settlement agreement and it cannot be used for or against the parties in the regular courts.
The IC has already issued separate guidelines for the implementation of ADReM by commercial insurance companies, mutual benefit associations, and cooperative insurance societies.
In addition, a circular was also issued on the procedures of accrediting ADReM mediators-conciliators.
Pushed by the government to supplement its anti-poverty programs, microinsurance provides small insurance coverage that meets the needs of the low-income sector for risk protection and relief against contingencies such as death, accidents, illness, and natural and man-made calamities.
DOF-NCC Director Joselito Almario said they incorporated the ADReM processes into the country’s microinsurance regulatory framework to ensure that microinsurance consumers are protected. (APB/PIA-10)
BY: APIPA P. BAGUMBARAN
Saturday 26th of October 2013
CAGAYAN DE ORO CITY, October 26 (PIA) --- The Department of Finance-National Credit Council (DOF-NCC) and Insurance Commission (IC) launched here on Thursday, October 24, an alternative redress mechanism for claims disputes in the microinsurance industry.
Dubbed Alternative Dispute Resolution for Microinsurance (ADReM), this mechanism aims to provide stakeholders with options to resolve disputes outside the courtroom to minimize expenses and avoid delays of litigation.
IC Deputy Commissioner Dorothy Calimag in a seminar held in Mallberry Suites said ADReM provides an avenue to settle microinsurance disputes through the swiftest and most accessible means.
She said the ADReM process is characterized by the principles of LAPET which stands for least cost, accessible, practical, effective and timely resolution of disputes.
Cases referred to the ADReM include disputes arising from denied claims or those not fully paid within 10 working days from receipt of complete documents, she said.
Calimag further said microinsurance providers are required to promote the use of ADReM as a recourse mechanism available to policy holders to address disputes.
She also clarified that there will be confidentiality in everything that will be stated in the ADReM settlement agreement and it cannot be used for or against the parties in the regular courts.
The IC has already issued separate guidelines for the implementation of ADReM by commercial insurance companies, mutual benefit associations, and cooperative insurance societies.
In addition, a circular was also issued on the procedures of accrediting ADReM mediators-conciliators.
Pushed by the government to supplement its anti-poverty programs, microinsurance provides small insurance coverage that meets the needs of the low-income sector for risk protection and relief against contingencies such as death, accidents, illness, and natural and man-made calamities.
DOF-NCC Director Joselito Almario said they incorporated the ADReM processes into the country’s microinsurance regulatory framework to ensure that microinsurance consumers are protected. (APB/PIA-10)
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