Steadfast,

Products and Services Consumer Protection Act, which will provide better access to financial products and services.

“This will empower our consumers by providing them with confidence in accessing financial products and services within a secure environment that prioritizes their rights and interests,” Mr. Recto said during the anniversary.

Moreover, there are needed changes in building financial literacy in the country, including collaborating with schools and universities to promote financial educa

tion among students, and utilizing digital technology for better access of financial products and services.

“Digital technology will be the key that unlocks not only greater access to a wide range of financial products and services, but also a more responsive, reliable, and effective insurance industry,” Mr. Recto said.

75 YEARS IN SERVICE

The insurance sector has come a long way in the Philippines, and the commission has been a witness to its development.

Insurance was first introduced to Filipinos during the Spanish colonization.

During this time, Strachman, Murray & Co., Inc., representing the Lloyd’s of London, has opened doors for insurance to enter the Philippine market.

In 1898, Sun Life Assurance of Canada entered the country, which started the establishment of the insurance sector in the country. Thereafter, the first domestic nonlife insurance company Yek Tong Lin Insurance Company, was formed in 1906, followed by Insular Life Assurance Co., Ltd., the first life insurance company in 1910.

Then, due to the rapid growth of the market, through the Republic Act 2427, or the Insurance Act, the agency

that is now IC emerged, vested with the responsibility for supervising the country’s insurance business.

Since then, the IC became a pivotal institution in Philippine history, operating under various names, beginning with the Insurance Division of the Bureau of Treasury (1915), then the Bureau of Banking (1947) after the said division was merged with the aforementioned bureau, then the Office of the Insurance Commissioner (1949), then finally the Insurance Commission (1974).

In 1975, Presidential Decree No. 612 marked the birth of the Insurance Code in the Philippines, streamlining existing insurance codes into a single code.

In 2009, Republic Act No. 9829, or the Pre-Need Code was issued, allowing the IC to regulate and supervise pre-need companies in the Philippines.

In 2013, Former President Benigno S. C. Aquino III signed Republic Act No. 10607, or the Amended Insurance Code, which stated the additional requirements for life and nonlife insurance companies. According to the law, the said revision aims to strengthen the insurance industry by providing sufficient financial protection for all Filipinos. —