Insurance Commission(IC)

December 11, 2023 Dear Mr. Hernandez, Greetings! Thank you for your request dated Nov 30, 2023 04:38:52 PM under Executive Order No. 2 (s. 2016) on Freedom of Information in the Executive Branch. Your Request You asked regarding Policy Loan in Insurance Contracts. Response to Request In relation to your request, please be informed that, there are no specific guidelines pertaining to the minimum percentage of cash value that a policy holder may borrow from the insurer as advised by our Actuarial Division. Thus, you may refer to the provision no. 10 in the attached IC CL 1993-14 for some details relative to Policy Loans. For further inquiries, you may contact our Actuarial Division at 8523 8461 local 121 For your information and guidance. If you are unhappy with this response to your FOI request, you may ask us to carry out an internal review of the response by email at [email protected]. Your review request should explain why you are dissatisfied with this response, and should be made within 15 calendar days from the date when you received this letter. We will complete the review and tell you the result within 30 calendar days from the date when we receive your review request. If you are not satisfied with the result of the review, you then have the right to appeal to the Office of the President under Administrative Order No. 22 (s. 2011). The quality of services you deserve matter to us. To help the Insurance Commission monitor the progress in improving its services, we appreciate accomplishing the Customer Satisfaction Surveys (CSS) through the following link: https://bit.ly/ICCustomerSatisfactionSurvey Thank you. Respectfully, Atty. Albert Lawrence Vinzon FOI Decision Maker