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Atty. Dennis B. Funa

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Atty. Dennis B. Funa is the current Insurance Commissioner. Atty. Funa was appointed by President Rodrigo R. Duterte as the new Insurance Commissioner in December 2016.
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Insurers and skyscrapers

THE history of the evolution of insurance companies and the early construction of skyscrapers are somehow intertwined. In fact, American industrialist Henry Ford, in contemplating the high-rise buildings of New York City, once remarked: “This has only been made possible by the insurers....

An abridged history of life insurance

THE first life-insurance company in the world was the Amicable Society for a Perpetual Assurance Office. It was established in London, England, on July 25, 1706, by an act of Parliament, with the support of the Rev. William Talbot, then-bishop of Oxford, and...

Passenger personal accident insurance for public-utility vehicles

AS public transportation in the Philippines continues to evolve, it has become very important for all public-utility vehicles (PUVs) to have sufficient insurance coverage for the protection of the riding public in the event of accidents, and for the alleviation of the difficulty...

The agents of insurance companies

AN insurance agent is not an employee of an insurance company. While there may be some traits in the relationship between the agent and the insurance company that might appear to reflect an employer-employee relationship, the Supreme Court (SC) held in Tongko v...

Mutual life insurers and premium tax

AN insurance cooperative is entitled to exemption from payment of taxes on life-insurance premiums and documentary stamps. To avail of these tax exemptions, registration with the Cooperative Development Authority is not required, for there is no such requirement under the Cooperative Code of...

The bank-secrecy law

THE Insurance Commission is one of three members of the Anti-Money Laundering Council (AMLC); the other two are the Bangko Sentral ng Pilipinas and the Securities and Exchange Commission. In a recent meeting with the Department of Finance, they raised a concern regarding...

The storm sewers of Saitama and Tokyo

ALTHOUGH it is unacceptable, whichever way we look at it, flooding in Metro Manila has become such a regular occurrence that even Metropolitan Manila Development Authority Chairman Francis N. Tolentino has conceded that the metropolis would never be able to avoid it. Metro Manila,...

Risk-based capital for insurers

WHAT is risk-based capital (RBC)? On its website, the United States’s National Association of Insurance Commissioners (NAIC) defines it as “a method of measuring the minimum amount of capital appropriate for a reporting entity to support its overall business operations in consideration of...
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