Suspended Insurance Commission (IC) chief Reynaldo Regalado said that the accreditation of an insurance consortium is above board after a private agency accused him of conflict of interest, which prompted the Office of the Ombudsman to order his six-month suspension.
The IC on Wednesday said this was the content of Regalado’s counter-affidavit he filed on July 30, in response to the complaint-affidavit filed by SCCI Management and Insurance Agency.
‘I welcome the opportunity to address these allegations through the proper legal process, and remain committed to transparency and accountability,’ Regalado said in a statement.
According to the commission, the SCCI complaint alleged that Regalado accorded preferential treatment to the third consortium accredited under the Passenger Personal Accident Insurance Program (PPAIP).
Complainants claimed that the consortium belatedly submitted its documentary requirements, failed to satisfy the requirements for accreditation under the PPAIP, and that the IC failed to promptly act on SCCI’s requests for documents.
However, Regalado maintained that the accreditation complied with Circular Letter (CL) No. 2025-17 with all consortiums being evaluated under the same standards.
The Manila Regional Trial Court Branch 180 also upheld the validity of CL No. 2025- 17, declaring that the accreditation of a third insurance pool does not violate any law or regulation, according to the commission.
Meanwhile, Regalado said he has already received the Ombudsman’s order on Tuesday.
‘I respect the authority of the Ombudsman and will fully cooperate with the proceedings,’ Regalado said.
‘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 endeavored to perform my duties with integrity, impartiality, and in the best interest of the public and the Philippine insurance industry,’ he added.