The board of trustees of the Professional Insurance and Financial Advisors Association of the Philippines (PIFAAP) had the special privilege on July 5, 2023, of meeting the newly appointed Insurance Commissioner, Atty. Regalado, Reynaldo. This meeting was a watershed event in the insurance business, bringing together major players to debate the future of insurance regulation and industry development in the Philippines. Atty. Reynaldo Regalado, a prominent legal practitioner with a long career, was appointed Insurance Commissioner earlier this year. Because of his reputation for competence in insurance law and policy formulation, his nomination sparked tremendous expectation and enthusiasm throughout the insurance industry. The subject matter between the PIFAAP trustees and Commissioner Regalado demonstrated his commitment to promote industry collaboration and conversation. It began with greetings and a brief introduction by Commissioner Regalado, who stated his willingness to collaborate closely with industry stakeholders such as PIFAAP.

The developing regulatory environment of the insurance business was one of the primary themes covered at the discussion. Commissioner Regalado described his proposal for a more strong and consumer-focused regulatory framework, highlighting the necessity of fair competition, consumer protection, and financial stability. He also emphasized the importance of increased openness and efficiency in regulatory procedures. The trustees of the PIFAAP, who represent a diverse group of insurance professionals, welcomed these initiatives and pledged their full support in assisting the Insurance Commission in meeting its goals. They recognized the importance of a well-regulated insurance industry in ensuring Filipino consumers’ financial security and peace of mind. Another significant subject highlighted at the discussion was the role of insurance agents and financial advisers in encouraging financial literacy and responsible insurance purchase. PIFAAP, as an association of experts in the sector, has always been devoted to strengthening the industry’s standards and expanding the public’s awareness of insurance products. Commissioner Regalado praised PIFAAP’s efforts in this area and encouraged the association and the Insurance Commission to work even more to develop financial education initiatives.

The meeting also provided a chance for PIFAAP trustees to express their perspectives and suggestions on a variety of industry topics, including as product innovation, digitization, and the difficulties faced by new risks like as climate change. Commissioner Regalado thanked the trustees’ critical contribution and promised them that their concerns will be taken into account in the establishment of future rules and regulations. As the discussion came to a close, all sides expressed confidence about the future of the Philippine insurance business. Commissioner Regalado emphasized his commitment to an open-door approach, asking PIFAAP and other industry players to engage in continued conversation. In exchange, the trustees promised their ongoing support for collaborative efforts to achieve the common aim of a robust and well-regulated insurance market that benefits all Filipinos.