The Insurance Commission (IC) has issued new guidelines on the access of documents from entities regulated by the commission, in line with its implementation of its Freedom of Information (FOI) Manual.
The guidelines, which were recently signed by Insurance Commissioner Dennis B. Funa, will also clarify the financial documents of IC-regulated entities that are available for public consumption.
The guidelines indicate the requirements on all requests for financial documents of the regulated entities of the IC, including insurance and preneed companies and health maintenance organizations (HMOs).
“The new guidelines were issued to implement the Freedom of Information Manual of the IC and to clarify the financial documents of IC-regulated entities which are available for public consumption,” Funa said.
The agency also clarified that financial documents submitted to the IC are considered as public documents and are available to the public upon request subject to certain exceptions.
Particularly, audited financial statements of IC-regulated entities are available to the public except when the verification of the audited financial statement has yet to be completed by the commission or the concerned regulated entity has disputed or sought reconsideration of the verification conducted by the IC, despite completion of the verification.
Annual statements of IC-regulated entities are, likewise, available to the public except when there is no approved synopsis by the commission in accordance with the Insurance Code and Pre-Need Code of the Philippines.
“Considering that financial documents, particularly the audited financial statements, embody the principles of accuracy and transparency, the availability of these documents to the public could help enhance the public’s confidence on the entire financial system,” he added.
Unaudited financial statements submitted by IC-regulated entities are also considered as public documents but shall be accordingly marked as unofficial and unverified.
Funa added that documents submitted to the IC as attachments or are required as a reportorial requirement primarily submitted to other government agencies, such as general information sheet and income-tax return, should be requested with concerned government agencies and not the IC.
“Availability of financial documents of IC-regulated entities is vital as these documents reflect important information to aid the stakeholders in arriving at informed decisions,” he said.
The IC issued its FOI Manual in compliance with Executive Order 02-2016 signed by President Duterte in July 2016. All requests for information must be made in writing stating the name and contact information of the requesting party and shall reasonably describe the information requested and the reason for the request.