PDIC proposes revised guidelines for reconsideration of denied deposit insurance claims – BusinessWorld Online
THE PHILIPPINE Deposit Insurance Corp. (PDIC) is looking to revise the guidelines covering reconsideration requests for denied claims to make the process more efficient.
“The proposed revisions are designed to provide clearer, more consistent, and transparent guidelines for depositors whose deposit insurance claims have been denied, ensuring that the process of seeking reconsideration is both fair and efficient,” PDIC said in a statement on Monday.
“Among the key enhancements are the expanded coverage of the Regulatory Issuance to address a wider range of cases; refined procedures for the filing of requests for reconsideration (RFR) to make the process more accessible and user-friendly; defined timelines within which requests must be resolved, ensuring prompt action on claims; and a standardized RFR form, aligned with data privacy laws to protect sensitive depositor information.”
The deadline for feedback on the exposure draft of the revised regulatory issuance is on Oct. 15.
Under the draft, the PDIC proposed to shorten the decision period for requests for reconsideration of denied claims to 60 days from the current 120 days.
The proposal also specifies the kinds of denied claims that are covered by the reconsideration process guidelines. These are those claims filed but not paid by the PDIC due to the following grounds: account or transaction does not fall within the definition of deposit under the PDIC Charter; account or transaction is excluded from deposit insurance coverage; account is not an outstanding deposit liability, as of bank closure; claimant is not the beneficial owner of the deposit account; claim is filed beyond the prescriptive period in filing claim for deposit insurance; and failure by the claimant to submit the required supporting documents within the period prescribed by the PDIC.
The draft also prescribes a request for reconsideration form that should be used by claimants. These requests are now required to include express consent to process personal information under the Data Privacy Act of 2012 alongside an express waiver of the provisions of the Bank Secrecy Law and the Foreign Currency Deposit Act.
It also specifies several channels where claimants can file their requests for reconsideration. — Aaron Michael C. Sy
