PDIC to reconsider pleas for failed insurance claims

Bank depositors whose insurance claims have been denied may now file for a request for reconsideration with the Philippine Deposit Insurance Corp. (PDIC)

The state-run PDIC on Monday said it has come up with Regulatory Issuance No. 2011 – 03, which supplies the mechanism for depositors of closed banks to seek reconsideration for an earlier decision of the insurer.

All requests for reconsideration should be filed within 60 days from receipt of the notice of denial of the claim and should be addressed to the sector head of the Deposit Insurance Sector of the PDIC.

"PDIC will no longer entertain requests for reconsideration filed after the lapse of the 60-day period from the receipt of notice of denial," PDIC said.

Depositors seeking reconsideration should file the prescribed forms in writing and verified under oath accompanied by the original or certified true copies of the documents that would support the deposits made in the bank such as, but not limited to, negotiated checks, copies of validated deposit slips for deposits made in the closed bank or those directly made to its depository bank, and official receipts.

"The supporting documents must be new evidence that were in existence prior to the closure of a bank and which have not been submitted to the PDIC at the time of the filing of the claims for deposit insurance," the PDIC said.

The state-run insurance depositor also requires depositors seeking reconsideration to sign a waiver from Republic Act No. 1405 also known as the Law on Secrecy of Bank Deposits to enable PDIC to readily verify and authenticate the representations and submissions of the depositor.

PDIC has 120 days from receipt of the letter-request for reconsideration to decide on the request.

The buffer fund of PDIC stood at a comfortable level of P65.2 billion as of end-March this year and is sufficient to cover 4.5 percent of the P1.4 trillion total deposits insured. — VS, GMA News

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