The Insurance Commission (IC) has issued two circular letters granting payment relief to consumers and extending reportorial submission deadlines for entities regulated by the commission amid the ongoing energy crisis.

In a Thursday statement, the IC said the measures were issued in line with directives from President Ferdinand Marcos Jr. under Executive Order No. 110, which placed the Philippines under a state of national energy emergency.

“These measures are intended to provide meaningful relief to both consumers and IC-regulated entities, ensuring that they are able to navigate the challenges brought about by the current economic conditions while maintaining continuity of coverage and compliance,” Insurance Commissioner Reynaldo Regalado said.

Under the guidelines, IC-regulated entities were directed to provide policyholders, plan holders, and health maintenance organization (HMO) members a minimum 90-day grace period for premiums, installments, or fees due from 15 April to 31 May 2026.

The circulars also require regulated entities to grant a minimum 90-day extension of coverage for policies or agreements scheduled to lapse or expire on or before 31 May 2026, subject to payment of corresponding premiums. A separate three-month grace period for loan repayments was likewise ordered.

Meanwhile, a separate circular issued on 6 May granted IC-regulated entities a 30-day extension for the submission of reportorial requirements due for periods covering April to June.

“In times of economic strain, it is imperative that regulatory frameworks remain responsive — balancing consumer protection with operational flexibility for industry players so that no stakeholder is left behind,” Regalado added.

The IC also encouraged regulated entities to adopt additional relief measures and initiatives to support consumers affected by current economic conditions.

Insurance agents were likewise urged to provide fair and appropriate advice, assist in claims processing, and ensure policyholders are informed of available relief measures.

The commission added that submissions made within the extended period will not be subject to fines or penalties.