Solon airs fears on ‘anti-competitive policy’
A LAWMAKER has expressed belief that the Insurance Commission’s (IC) move to increase the minimum catastrophe insurance rates is an anti-competitive policy while passing on additional burdens to consumers as it will result to soaring prices of basic commodities.
The lawmaker from Sorsogon stated this during the February 21 hearing of the House Committee on Banks and Finacial Intermediaries on his House Resolution (HR) No. 632 which questions the abrupt increase in the said insurance premium.
“Paano ba nagko-compete ang mga non-life insurance companies?” AGRI Party-list Rep. Wilbert T. Lee asked the Insurance Commission. “Pataasan po ba o pababaan ng insurance premiums? Kung pababaan, then why does the Insurance Commission want to regulate the minimum rates of insurance premiums?”
“I would like to remind our colleagues from the Insurance Commission of the requirement under Section 5 of the Ease of Doing Business and Efficient Government Service Delivery Act or Republic Act 11032… which requires that before any regulation will be proposed or implemented, it should be subjected to Regulatory Impact Assessment to ensure that the regulation does not cause undue regulatory burden, not only to the agency but to the transacting public as well,” he said.
