Consumer protection for ficial services

Applies to all financial products and services regulated by the Insurance Commission covering insurance, pre-need, and HMO sectors.
Includes digital financial products and services.

Defines critical terms such as cooling-off period, financial consumer, complaint, financial products/services, financial service providers, ICREs, marketing, responsible pricing, and market conduct.
Cooling-off period allows consumers to cancel contracts within a specified time with full refund unless claims are made.

Financial consumers shall be treated fairly, honestly, and professionally through all transaction stages.
ICREs must conduct suitability and affordability assessments.
Must ensure fairness of terms and evaluate products for consumer relevance and affordability.
Required to adopt and align a Code of Conduct with market conduct guidelines focusing on consumer protection.

Consumers have a right to clear, concise, and full disclosure before, during, and post-sale.
Important terms such as risks, rights, costs, and consequences must be fully disclosed.
Complex products require a key facts statement (Product Highlight Sheet).
Changes in product terms must be notified 30 days before implementation.
Advertising must not be misleading or deceptive.
Mandates cooling-off periods depending on contract duration.
Consumers must receive copies of signed documents and proofs of transactions.

ICREs are responsible for safeguarding consumer assets from fraud and misuse.
Clear mechanisms for complaint handling involving fraud and unauthorized transactions are mandated.

Consumers’ personal and financial data must be kept confidential and secured.
ICREs must implement data security standards consistent with the Data Privacy Act of 2012 and National Privacy Commission regulations.

ICREs must provide accessible, independent, fair, and efficient complaint resolution mechanisms.
Requirements include complaint acknowledgment within two working days and resolution within designated periods depending on issue complexity.
Must maintain logs, provide information access, perform complaint pattern analysis, and allocate sufficient resources.

ICREs must establish a CPRMS integrated into enterprise risk management frameworks.
CPRMS covers governance structure, policies, processes, measurements, and control procedures.
Board of Directors approves and oversees CPRMS, reviews Code of Conduct, ensures resources and remedial actions.
Senior management responsible for policy implementation, monitoring consumer risks, and reporting.

ICREs required to establish CAMS for efficient receipt, recording, evaluation, and resolution of consumer complaints.
CAMS must have dedicated teams separate from claims handling units.
Manuals detailing procedures, timelines, capacity building, and record keeping must be established.
Consumer assistance channels must include multiple accessible options (e.g., walk-ins, online portals, hotlines).
Consumer complaint data must be thoroughly recorded and analyzed.
Quarterly reports submitted to Boards and the Commission.

Commission conducts ongoing market monitoring to identify issues such as mis-selling, license violations, and pricing irregularities.
Uses data from public and private sectors and various media to assess market conduct and consumer risks.

Commission authorized to perform on-site and off-site surveillance and examinations separate from prudential reviews.
Can interview personnel, review documents, and compel evidence to ensure compliance.

Provides informal complaint resolution framework optional for consumers.
Process initiated via submission of Claimant's Assistance Request Form with supporting documents.
Commission evaluates submissions and may conduct mediation/conciliation within set timelines.
Failure to resolve may lead to formal adjudication or administrative action.

Commission adjudicates claims below prescribed monetary thresholds.
Verified complaints require specific details and docket fees based on claim amounts.
Respondents have fifteen working days to file verified answers.
Failure to answer may result in judgment based on evidence submitted.

Commission empowered to impose enforcement actions including fines, suspensions, restrictions, cease-and-desist orders without prior hearing in urgent cases.
Administrative sanctions apply to violators including directors and employees.
ICREs liable for acts and omissions of representatives and third-party service providers.

Digitization of Commission's processes for complaint filing and resolution.
Organizational and personnel enhancements within the Commission for effective law implementation.
Transparency in releasing consumer protection data subject to privacy laws.
Prohibits clauses that waive consumers' rights to sue or data protection.

Prescription period of five to ten years for actions arising under the law depending on circumstances.
Transitional period granted for ICREs to analyze and comply with rules.
Repeals inconsistent prior issuances.
Rules take effect 15 days after publication.