Philippine Insurance Commissioner Reynaldo Regalado has been placed under preventive suspension by the country's graftbuster following a complaint filed by an insurance firm.
Mr Regalado said he received the Ombudsman’s order on 4 August and has vowed to cooperate with the proceedings.
"I respect the authority of the Ombudsman and will fully cooperate with the proceedings. I am confident that the allegations will be fairly and objectively evaluated based on the facts, the evidence, and the applicable law. Throughout my tenure, I have endeavoured to perform my duties with integrity, impartiality, and in the best interest of the public and the Philippine insurance industry," Mr Regalado said. He added, "I welcome the opportunity to address these allegations through the proper legal process and remain committed to transparency and accountability."
SCCI Management and Insurance Agency (SCCI) alleged that Mr Regalado gave preferential treatment to a third consortium accredited under the Passenger Personal Accident Insurance Programme (PPAIP). The agency claimed the consortium submitted documentary requirements beyond the prescribed deadline, failed to meet accreditation requirements under the programme, and that the Insurance Commission did not promptly act on SCCI’s requests for documents related to the accreditation.
Mr Regalado filed his counter-affidavits on 30 July, saying the accreditation process was above board and that all consortiums were assessed using the same standards. He added that SCCI’s document requests were handled in line with existing rules.