What fund was created to handle claims against insolvent insurance companies in the Philippines?

The Security Fund was established to address claims against insolvent insurance companies in the Philippines. This fund is designed to protect policyholders by ensuring that claims can still be settled even if an insurance company becomes insolvent. It acts as a safety net, providing financial resources to cover claims and safeguarding the interests of policyholders. This is particularly important in the insurance industry, where consumers rely on the financial stability of their insurance providers.

While other funds may exist for different purposes, such as compensating employees or securing reserves for claims, the Security Fund is specifically tailored to mitigate the fallout from insolvency, directly aligning with the needs of insured individuals facing claims when an insurer can no longer meet its obligations.