Alternative dispute resolution seminar set

Sunstar
Monday, March 24, 2014


THE Department of Finance-National Credit Council (DOF-NCC) and the Insurance Commission (IC) will hold Alternative Dispute Resolution Microinsurance (ADReM) seminar for stakeholders in the Visayas on Thursday, March 27.

The one-day seminar is the final leg in the series of seven nationwide information dissemination campaigns. ADReM series steered to discuss options and microinsurance mechanisms to address complaints on benefit claims outside the courtroom.

Participants and partners from the microinsurance industry will be educated with videos and interesting presentations about microinsurance initiatives, circulars, financial literacy, ADReM process and accreditation procedures for mediators-conciliators.

In addition, participants will be engaged in discussions with Insurance Commission Deputy Commissioner Ferdinand George Florendo and DOF-NCC director Joselito Almario.

Microinsurance is insurance for low income earners to protect them against specific perils. It comes with affordable premiums, guaranteed benefits correspond to the risks, and claims settlement is fast. Today, 19 million Filipinos out of the 97 million populations are covered by microinsurance.

The ADReM method is now formalized to support the Philippine Government’s effort for inclusive growth by reaching out to the poorest of the poor. It aims to minimize expenses, time and delays of litigation, and provides options for out-of-court resolution of disputes arising from denied microinsurance claims.

The ADReM structural process, according to IC Deputy Commissioner George Florendo, will further promote microinsurance through the principles of Lapet, or Least-cost, Accessible, Practical, Effectively and Timely resolution of disputes.

The DOF-NCC and IC worked in collaboration with key representatives from the microinsurance industry with technical support from the German Development Cooperation through its regional program, Regulatory Framework Promotion of Pro-poor Insurance Markets in Asia to help implement the provisions of the ADReM Framework.

The ADReM Framework was launched last October 2012 with the intention of ensuring consumer protection by microinsurance clients. (PR)