MANILA, Philippines — The government has named Reynaldo Regalado as the new head of the Insurance Commission.
Regalado took his oath of office before Department of Finance Secretary Benjamin Diokno last Thursday. He will replace Dennis Funa who served for six years.
Regalado, who is a lawyer, previously served as the head of the Philippine Overseas Employment Administration from 1998 to 2001.
He was also the Philippine labor attaché in Japan from 1993 to 2004 and in South Korea from 2005 to 2006.
Regalado likewise served as assistant secretary of the Department of Labor and Employment.
Regalado is an alumnus of the University of the Philippines School of Economics and the University of the Philippines College of Law.
As the new IC head, Regalado is expected to sit as a member of the Anti-Money Laundering Council.
The new IC chief is expected to inherit an insurance, pre-need, and health maintenance organization industry that has overcome uncertainties brought about by the pandemic.
The industry’s total premiums as of end-2022 hit P379.23 billion, with a compounded annual growth rate of 8.54 percent.
The sector also saw its net income double to P46.68 billion over the past administration, with aggregate assets breaching the P2 trillion mark.
BY Louise Maureen Simeon – The Philippine Star