Insurance Commission Amends Sections 5 and 6 of Rep. Act No. 11765 IRR
The Insurance Commission released IMC No. 2023-02 to amend Sections 5 and 6 of IMC No. 2023-01 (Implementing Rules and Regulations of Republic Act No. 11765 otherwise known as “The Financial Products and Services Consumer Protection Act”).
Section 5 refers to “Evaluation by the Commision” and Section 6 to the “Mediation Proceedings.”
The IMC shall take effect on March 28, 2023, after its publication in the Official Gazette or in a newspaper of general circulation.
The full copy of the Insurance Memorandum Circular may be accessed here.