Manila: Insurance Commission (IC) Commissioner Reynaldo Regalado on Wednesday assured his full cooperation with the Office of the Ombudsman after it placed him under preventive suspension in connection with a complaint filed by an insurance firm.

According to Philippines News Agency, Regalado expressed his respect for the Ombudsman's authority and his commitment to cooperate with the ongoing proceedings. "I am confident that the allegations will be fairly and objectively evaluated based on the facts, the evidence, and the applicable law," Regalado stated in a press release. He also emphasized his dedication to performing his duties with integrity and impartiality for the benefit of the public and the Philippine insurance industry.

The suspension was initiated following a complaint by the SCCI Management and Insurance Agency (SCCI), which accused Regalado of granting preferential treatment to a consortium participating in the Passenger Personal Accident Insurance Program (PPAP). The SCCI alleged that the consortium had delayed submission of its documentary requirements and failed to meet the necessary accreditation criteria under the PPAP. Additionally, SCCI claimed that the IC did not promptly respond to its requests for documents.

In response, Regalado, through his counter-affidavit, argued that the accreditation process adhered to the relevant circulars and was evaluated according to the same standards. He also maintained that SCCI's document requests were appropriately addressed.

Previously, the Manila Regional Trial Court Branch 180 upheld the validity of Circular Letter No. 2205-17, affirming that the accreditation of a third insurance pool did not breach any existing rules or regulations.