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Manila Bulletin devider Business devider Banking & Finance devider Suspended Insurance Commission chief vows cooperation, defends vetting standards

Suspended Insurance Commission chief vows cooperation, defends vetting standards

Published Aug 5, 2026 01:15 pm

At A Glance

  • Suspended Insurance Commission (IC) Commissioner Reynaldo Regalado said he will cooperate with the proceedings over allegations of favoritism, while insisting that the industry regulator complied with its vetting standards.
Insurance Commissioner Reynaldo A. Regalado
Insurance Commissioner Reynaldo A. Regalado

Suspended Insurance Commission (IC) Commissioner Reynaldo Regalado said he will cooperate with the proceedings over allegations of favoritism while maintaining that the industry regulator complied with its accreditation standards.

“I respect the authority of the Ombudsman and will fully cooperate with the proceedings,” Regalado said in a statement on Wednesday, Aug. 5. “I am confident that the allegations will be fairly and objectively evaluated based on the facts, the evidence, and the applicable law.”

Regalado received the preventive suspension order from the Office of the Ombudsman last Tuesday, Aug. 4, following a complaint filed by SCCI Management and Insurance Agency Corp. (SCCI).

SCCI’s complaint alleges that the IC chief provided preferential treatment to a third consortium accredited under the passenger personal accident insurance program (PPAIP). PPAIP is a mandatory regulatory framework jointly administered by the Land Transportation Franchising and Regulatory Board (LTFRB) and the IC.

Specifically, SCCI claimed the consortium failed to meet accreditation requirements, submitted documents late, and that the IC did not promptly act on SCCI’s requests for information.

Regalado, who filed his counter-affidavits last July 30, maintained that the accreditation process complied with IC Circular Letter (CL) No. 2025-17 and that “all consortiums were evaluated under the same standards.”

He further stated that requests for documents were handled in accordance with the law.

Supporting this position, the IC noted that Manila Regional Trial Court (RTC) Branch 180 had previously upheld the validity of CL 2025-17, ruling that the accreditation of a third insurance pool does not violate existing regulations.

“Throughout my tenure, I have endeavored to perform my duties with integrity, impartiality, and in the best interest of the public and the Philippine insurance industry,” Regalado said. “I welcome the opportunity to address these allegations through the proper legal process, and remain committed to transparency and accountability.”

Information on who will assume Regalado’s role during his suspension remains unavailable. - Derco Rosal

Related Tags

Insurance Commission (IC) insurance Reynaldo A. Regalado
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