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June 14, 2019 | Riviera Golf Club Silang, Cavite This is an annual golf tournament organized by the Philippine Insurers and Reinsurers Association (PIRA) to promote collaboration, cooperation and friendly competition among executives of the Philippine non-life insurance industry.   The 6th PIRA Networking Golf Tournament held on 14 June 2019 at the Couples Course of The Riviera Golf Club in Silang, Cavite.   Major sponsors of the event are Maxicare Healthcare, National Reinsurance Corporation of the Philippines, and the Philippine Accident Management and Insurance Agency (PAMI). Hole sponsors are ARB Insurance Brokers, Bankers Assurance, Computer Professionals Inc, Grupo Ceguro, New India Insurance, NTTDAata, Stronghold Insurance, and UCPB General Insurance.

The  PIRA Technical Sub-Committee on Motor Car Insurance had a Courtesy Call with the new Deputy Insurance Commissioner for Technical Matters, Mr. George S. Ongkeko, Jr.,  and Ms. Chona Cortez of  IC Rating Division on 7 May 2019 at the IC Executive Lounge. The following present are:  Messrs. Arturo B. Reyes, Chairman Motor Car Technical Sub-Committee, and Members:  Messrs. Reynaldo B. Fong, Danilo B. Bariring, Cleto D. Obello, Jr., Atty. Leo-Jon P. Ramos, Christopher Y. Marquez, Ms. Vilma D. Dollentas and Jaycee Dela Cruz, together with Michael F. Rellosa (Executive Director), Rogelio J. Concepcion (General Manager) and Ms. Agnes Silaya (Accounting Manager). The Motor Car Technical Sub-Committee introduced itself, its mandate and its members and had a short briefing with Deputy Commissioner George Ongkeko, Jr. on the following pending items with the Insurance Commission. As requested by the Insurance Commissioner, the IC-PIRA Technical Working Group (TWG) on Risk Evaluation, Pricing and Rating (composed of IC Representatives and PIRA Technical Sub-Committee members on Motor Car) have reviewed the Motor Car Rates and discussed the following recommendations in a series of meetings in 2018 based on the Industry Motor Car Insurance Statistics covering 2011-2016 from the IC Annual Report. 1)    Recommended Compulsory Motor Vehicle Liability (CMVL) Rates and Schedule of Indemnities (PIRA Letter to IC dated 27 Dec. 2018) PIRA submitted its position letter to IC dated 27 December 2018 with the proposal to increase the CMVL coverage for Death  from P100,000 to P200,000 with adjustment of Schedule of  Indemnity and with the corresponding adjustment in the premium rates. 2)   Proposed Premium Rates Schedule for Motor Car (PIRA letter to IC dated 6 May 2019) PIRA also submitted its position letter to IC dated 6 May 2019 for the proposed increase of premiums for Voluntary Third Party Liability and others. B)  New Proposal for COC Authentication Facility (LTO/Dermalog/IC/PIRA/OICP) For info and guidance on how to go about the new proposal for COC Authentication Facility as there was a draft MOA (presented by LTO)  on the Motor Car Compulsory Third  Party Liability authentication facility to be signed by the Insurance Commission and the Land Transportation Office, which PIRA already sent comments to IC on this matter. This was supposed to be launched on 22 April 2019 however it was deferred and still for review of the Insurance Commission.  PIRA will await for further instruction/guidance from the IC on this. Deputy Commissioner Ongkeko, Jr. suggested to take this up in the IC-PIRA Dialogue.  Based on his observation, he suggested that the two (2) organizations, PIRA and OICP should  maintain the database not the Insurance Commission and IC can only just  to supervise the system due to lack of manpower and capability to maintain the system. C)  Proposed Enhancement of Statistical Reporting Format on Motor Car Insurance Lines to form part of the IC Annual Report to be required from members. Deputy Commissioner Ongkeko, Jr. requested the Committee to give him time to study the matters and the IC will schedule for another meeting to explore and study the proposals of the Committee. The Motor Car Technical Sub-Committee members expressed their appreciation and support to the new Deputy Insurance Commissioner for Technical Matters, Mr. George Ongkeko, Jr.

Book Launching “THE BUSINESS OF RISK AND INSURANCE IN THE PHILIPPINES” by Dr. Pedro P. Benedicto, Jr. “THE BUSINESS OF RISK AND INSURANCE IN THE PHILIPPINES” is a comprehensive book on insurance written by Dr. Pedro P. Benedicto, Jr. which he hopes will help the reader to understand how insurance companies operate and create value. The book aims to help insurance professionals deepen their knowledge and encourage them to do their own research and contribute to this body of knowledge. This book is designed as a reference for practitioners and the academe. PIRA is the Publisher and Exclusive Distributor of the book, For those who are interested, you may obtain copy/s of the book at the PIRA office or may be delivered to your office located within Metro Manila area.

The Philippine Insurers and Reinsurers Association (PIRA) is urging all non-life insurance companies in the country to make use of the new Motor Claims Information System (MCIS) to address the growing problem of insurance fraud. PIRA released this week an infographic that gives five compelling reasons why insurance companies should support the new MCIS. These five reasons are: Insurance fraud is on the rise. Insurance companies cannot solve insurance fraud alone.PIRA protects all data submitted to the MCIS.More users will make the MCIS work better, andThe data submitted to the MCIS will help PIRA develop better rates for motor car insurance. The idea of creating the MCIS was born in 1996 to detect multiple claims on carnap and total loss vehicles and address cases of duplicate claims, meaning the same car making similar claims from two or more insurance companies. The first version of the system was purely manual in nature, with companies submitting via fax. The system evolved into a second version in 2005 that made use of the Internet. Now on its third version, the MCIS is purely cloud-based and accepts data submission 24/7. It accepts data related to all kinds of motor car claims which can be uploaded either one-by-one or by batch. And it matches these data and tells the concerned PIRA members if there are duplication in claims, carnap and total loss cases on record.  It will be beneficial in analysis and proper pricing of motor business using aggregated data submitted by participating members. PIRA Executive Director Michael Rellosa said almost half of PIRA's 60 member companies have already expressed support to the new MCIS. He said the system is continuously being improved to match the needs of PIRA members.

The newly elected Board of Trustees of the Philippine Insurers and Reinsurers Association (PIRA) recently named eight priority areas to focus on this 2019. At a strategic planning session at the Asian Institute of Management, the PIRA Board of Trustees led by Chairman Allan Santos charted the association's directions, identifying the eight priority areas as follows: Develop incentives and sanctions for its members. Help develop new products/markets/pools. Influence legislative action through lobbying. Restructure IC-PIRA dialogue. Help members understand IFRS17 and other new regulations. Strengthen its role as a rating organization. Influence IC to accept new investments. Conduct a trust survey. Santos urged PIRA trustees to use not only their vast experience in the industry but more so their creative and inventive minds to come up with new solutions to what he labeled as "age-old problems". The new PIRA Chairman noted that the association, under the leadership of his two predecessors Rebecca dela Cruz and Augusto Hidalgo Jr., has played an important role in promoting industry advocacies and helping PIRA members navigate through the major changes the industry is experiencing. "Our organization has helped our members keep abreast of and cope with the major developments in the regulatory front, namely the revised reserving requirements, the amended Risk-Based Capital framework, the new financial reporting framework, and increases in the minimum net worth. We worked with the Insurance Commission in phasing in these regulatory changes to allow a smooth transition for the industry," he said. Santos also reported as major accomplishments the introduction last year of the PIRA Code of Ethics, the PIRA TV Youtube Channel, the feasibility study on PIRA becoming a Self Regulatory Organization, the participation of PIRA in the discussion to lower taxes on insurance through the government's Tax Reform (TRAIN) package 4, the continuing studies on creating a natural catastrophe pool, and the partnership with other insurers in the region through the ASEAN Insurance Council. "What can we do this year so we can build on these past achievements? What else can and should we do to make PIRA more relevant?" he added. For his part, PIRA Executive Director Michael Rellosa said the eight priority concerns are what the new trustees see as the most relevant and doable among PIRA members in the short and medium term. He cited the first concern as an example. Rellosa said PIRA members usually do not follow certain directives mutually agreed upon by them simply because there is no motivation to do so. "It's the simple carrot-and-stick principle. There has to be incentives or rewards for doing good and punishment for doing bad," he said. Rellosa explained also that PIRA, with its Committees composed of the best and most experienced technical minds of the industry, should take the lead in developing new products, exploring new markets, or forming new insurance pools. Insurance pools are groups composed of insurance companies that have banded together to take on a certain risk which is normally too big to be taken by any one of their members. An example of these is the Philippine Machinery Management Services Corporation or Macpool created to offer engineering insurance in the country. Other priority concerns are lobbying for legislations, especially the law that would lower taxes on insurance; restructuring of the dialogue between PIRA and the Insurance Commission to make it more efficient and effective; assisting PIRA members to understand regulations such as the International Financial Reporting Standards (IFRS) for insurance companies; and the move to really serve as a rating organization for the industry, a role diluted when the Insurance Commission agreed to allow companies to come up with their own rates using the PIRA as a guide and basis for their own. The PIRA Trustees believe that for PIRA to truly become important, it must go back to its original reason for being and develop rates that the industry would follow. The final two concerns identified as priority by the PIRA trustees involve convincing the Insurance Commission to accept as part of companies' net worth, new forms of investments and for the association to conduct a trust survey among its members and the general public to find out the level of confidence they have in PIRA and what can be done to increase this. Aside from Santos and Rellosa, the PIRA Trustees who joined the 2019 Strategic Planning were Frank Ramos, Butch Rosario, Andrew Co, Denden Tesoro, Shankar Sinha, Abet Santos, former trustees Becky dela Cruz, Art Reyes and Jun Benedicto, PIRA GM Roger Concepcion and heads of various PIRA committees. The session was facilitated by Jene Aliwalas of the Insurance Institute for Asia and the Pacific (IIAP).

Congratulations to PIRA Data Privacy Council members Ms. Chuchi C. del Prado and Ms. Celia D. Imperial for bagging Silver Honour in the Category of Five Pillars (Corporate Governance) during the 1st DATOS Privados Awards Night held at Makati Shangri-La Hotel last 20 March 2019. Congratulations also to Pacific Cross Philippines which achieved milestone during the 1st DATOS Privados Awards Night. The awards night was organized by the National Association of Data Protection Officers of the Philippines (NADPOP), under the Chairmanship of Mr. Sam Jacoba. This awarding body recognizes individuals, institutions, solutions, programs, campaigns and events that embody NADPOP's vision to transform the Philippines into a Global Center of Excellence for Data Privacy. Pacific Cross Philippines was recognized in these categories with corresponding awards: Category: Five Pillars (Corporate Governance) | Individual Awardees: Ms. Chuchi C. del Prado, CDPO and Ms. Celia D. Imperial Award: Silver Awardee Category: Organizational/Corporate Programs | Internal Awareness Programs Awardee: Pacific Cross Philippines Award: Bronze Awardee Category: Organizational/Corporate Programs | Empowerment and Enablement (Internal Staff Capacity Building) Awardee: Pacific Cross Philippines Award: Finalist Category: Five Pillars (Corporate Governance) | Institutional Awardee: Pacific Cross Philippines Award: Silver Awardee Congratulations! Atty. Lawrence Mari C. Santella, Data Protection Officer from MAPFRE INSULAR and member of PIRA Data Privacy Council. Atty. Santella successfully passed both DPO Accountability, Compliance, and Ethics (ACE) Program Level 1 and 2 conducted by the National Privacy Commission (NPC) and he placed 8th overall out of 60 participants. Awarding of Certification held 28 March 2019 with Data Privacy Commissioner Mr. Raymund E. Liboro.

The event was conducted by ISLA LIPANA & CO. (PwC) on Philippine Financial Reporting Standard 9 (PFRS9) held on 10 January 2019 at AIM Conference Center, Benavidez cor. Trassiera Streets, Legaspi Village, Makati City. The orientation is FREE OF CHARGE, and was attended by PIRA member-company’s CFO’s, Comptrollers, & Finance Officers. The agenda is the following: Appreciation IFRS 9 PFRS 9 Overview Classification and Measurement Interaction between IFRS 9 and 17 Impairment Lessons learned from the banks and interaction with FPRD 17 ISLA LIPANA & COMPANY presented by John-John Patrick Lim, Dexter Toledana, Jonathan Uy, Earl David & John Paul Llanes. There are Seventy Eight (78) attendees from Non-Life Insurance companies. And also attending are PIRA Executive Director Mr. Michael F. Rellosa, General Manager Mr. Rogelio J Concepcion, Ms. Ma. Agnes L. Silaya, Ms. Shirley F. Dela Cruz, Mr. Manuelito N. Nigos, Mr. Josefino I. Monteclaro and Mr. Jerry L. Garchitorena.

Financial education among Filipinos will be more effective if students are taught about risks and insurance. This was the message of Mr. Ramon Dimacali, former chairman of the Philippine Insurers and Reinsurers Association (PIRA), when he moderated a panel discussion at the first Financial Education Stakeholders Expo organized by the Bangko Sentral ng Pilipinas at the SMX Convention Center Manila. "In a disaster-prone country such as ours, where typhoons, floods, earthquakes and volcanic eruptions are a part of life, we cannot just teach our people to save and invest. We must also teach them how to protect their hard-earned assets. We must teach them about insurance," he said. Mr. Dimacali, who is also president and CEO of FPG Insurance and the Insurance Institute for Asia and the Pacific (IIAP), moderated the discussion on financial education as a form of corporate social responsibility (CSR). The discussion featured Mr. Dan Wolbert of VISA Foundation,  Mr. Mario Deriquito of BDO Foundation,  Mr. Shahril Azuar Jimin of Maybank Foundation, Mr. Conrado Bate of COL Financials, and Ms. Sylvia Paraguya of the NATTCO Network of Cooperatives. They presented their respective CSR programs, all aimed at educating various sectors in managing their finances. Mr. Dimacali lauded the presenters' initiatives, but stressed the importance of risk management. "We cannot fully help our poor countrymen if we don't help them address their risks. They are the ones who are most vulnerable to typhoons like Yolanda. So they need to be taught that there is already affordable microinsurance available for them," he said. The Expo was a two-day event designed to be an annual gathering of public and private institutions that implement and support sustainable and effective financial education policies and programs. Its long-term objective is to build an organized network of players that share the vision of a financially literate citizenry and cohesively implements a variety of initiatives to achieve this vision. Department of Education Secretary Leonor Briones provided the keynote message for the event. She underscored the need to educate teachers on financial management since they will be the ones who will be transferring the same knowledge and skills to their students. "Most public school teachers are heavily in debt. They are the ones who need to be educated first and foremost if we want to educate our people," she said. Secretary Briones welcomed PIRA's suggestion to collaborate to include risk management and insurance in the K-12 curriculum. Other highlights of the event were the talks of the so-called "Fin-Ed Rock Stars" or "Influencers," namely Mr. Francis Kong, Ms. Salve Duplito, Mr. Ardy Roberto, and Mr. Chinkee Tan, all known public speakers specializing in financial literacy. A major part of the event's last day was the demonstration of the financial literacy board game that The Praxis Company from Malaysia developed. The board game -- which is similar to monopoly -- makes learning more fun and effective. On the sidelines of the event were booths by various organizations. PIRA's booth was among the most visited. Those who went to PIRA's booth tested their knowledge of insurance in exchange for prizes provided by PIRA member companies. PIRA promoted its programs including the SUITS Scholarship in partnership with IIAP, Campus Tour, Accreditation Seminar, Thesis Sponsorship, and Internship Programs. The Expo was supported by the Asian Development Bank, Bank Marketing Association of the Philippines, The Praxis Company and Visa Foundation.