fees charges and other income derived from the regulation of insurance

Fees charges and other income derived from the

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fees, charges and other income derived from the regulation of insurance companies To fix and assess fees, charges and penalties as the Commissioner may find reasonable in the exercise of regulation Exercise such other powers as may be provided by law OTHER ADMINISTRATIVE FUNCTIONS
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Adjudicate claims and complaints involving any loss, damage or liability for which an insurer may be answerable under any kind of policy or contract of insurance, contract of suretyship, contract of reinsurance or for which a mutual benefit association may be held liable under membership certificates it issued to its members. The power of the Commissioner does not cover the relationship between the insurance company and its agents/brokers but is limited to adjudicating claims and complaints filed by the insured against the insurance company. ADJUDICATIVE POWERS SEC 439, IC
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The IC has concurrent jurisdiction with the regular courts with the regular courts to hear and decide claims for which an insurer may be answerable under any kind of policy or contract of insurance where the amount of loss, damage or liability does not exceed any single claim of FIVE (5) Million pesos (Php 5,000,000.00). The jurisdictional amount excludes interests, costs and attorney s fees being claimed. JURISDICTION OF THE IC SEC 439, IC
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Under circular 1-91 issued by the Supreme Court on Feb. 27, 1991, the appeal of a party affected by a final order, decision or judgement of the IC shall be taken to the Court of Appeals within 15 days from notice APPEAL FROM DECISION OF THE IC
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The IC s resolution and order which were issued in the performance of administrative and regulatory duties and functions should have to be appealed to the Office of the Secretary of Finance. Almedras Mining Corporation v. Office of the Insurance Commission 160 SCRA 656 Phil. American Life Insurance Company v. Ansaldo 234 SCRA 509 APPEAL FROM DECISION OF THE IC
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