The Office of the Ombudsman announced that Insurance Commissioner of the Philippines Reynaldo Regalado was subjected to a preventive suspension while investigating alleged irregularities into the accreditation of insurance providers for public utility vehicles (PUV).

Based on the initial findings of the Ombudsman, Regalado reportedly committed acts that constituted complaints of grave misconduct, and supposed violations of the Code of Conduct and Ethical Standards for Public Officials and Employees and Ease of Doing Business and Efficient Government Service Delivery Act.

State investigators said that the insurance chief was allegedly responsible for the approval of an accreditation for an insurance consortium that was facing questions when it came to the credibility of its memberships and the timing of its filing of application.

The accusation stemmed from Regalado being one of the senior counsels of the law firm that represents the questioned insurance firm.

“Regalado was listed as Senior Counsel of AAQ Law. Regalado’s participation in any proceeding involving AAQ Law’s clients casts serious doubt as to his impartiality,” the order read.

Aside from approving applications that may be subject to conflict of interest, the insurance commissioner also supposedly became selective, refusing requests for applications and outright denying the complainant of engaging in a meeting with the commission.

According to the order that was released on 28 July, the six-month preventive suspension against Regalado would last while the probe into the issues alleged are conducted, being terminated once the case was resolved.

The Ombudsman, however, noted that the decision was subject to appeal on the part of the respondent that became the chief of the Insurance Commission in April of 2023 based on the appointment of then Finance Secretary Benjamin Diokno.

Prior to his appointment, he had also served as the administrator of the Philippine Overseas Employment Administration from 1998 to 2001.