THE MAN AT THE HELM OF IC AT 74

Leading the celebration of the 74th founding anniversary of the Insurance Commission (“IC”), with the theme “Reigniting the Industry Towards a Resilient Community,” is Insurance Commissioner Dennis Funa. Funa, a lawyer, book author, a professor of law, and a constitutionalist, was appointed by former President Rodrigo Roa Duterte in December 2016 as insurance commissioner for a term of six years, following his previous appointment as deputy insurance commissioner of the IC’s Legal Services Group in June 2013.

Commissioner Funa obtained his elementary education from the St. Francis Xavier School in Manhattan, New York City; and his bachelor’s degree from the De La Salle University. He obtained his law degree from the San Beda College of Law and successfully hurdled the bar examinations in 1992. He was also a 1997 scholar of the London-based International Bar Association in its Biennial Conference in New Delhi, India, and of the Association for Overseas Technical Scholarship in Tokyo, Japan.

Funa began his years in the public service during the administration of former President Fidel V. Ramos. He first served as the special assistant to the appointment secretary of the President and as technical assistant to the Office of the Chief Presidential Legal Counsel. At 28, Funa became the youngest presidential appointee when he was appointed as executive director of the Videogram Regulatory Board.

Commissioner Funa is also recognized as an authority on Philippine intellectual property law and constitutional law. He also served as a legal consultant to the president of the National Power Corporation and to various members of Congress.

Later in his career, he served as a national officer of the Integrated Bar of the Philippines (“IBP”) for more than 12 years. He became a national director for Bar Discipline. In June 2007, he was named and awarded as “Most Outstanding Commissioner” of the IBP.

During his years as insurance commissioner, Funa was elected as chairman of the Management Board of the Asian Reinsurance Corporation (Asian Re), an intergovernmental organization that aims to be the leading professional reinsurer in the Asia-Pacific region. He successfully led the organizations for two terms following his reelection to the same position until August 2022.

Funa’s term as insurance commissioner saw the continuous implementation of the increasing net-worth requirements under the Insurance Code of the Philippines, as amended by Republic Act No. 10607 (Amended Insurance Code). It was also during his term that the IC digitalized a substantial part of its procedures and operations to streamline its supervisory services.

Commissioner Funa likewise led the insurance, pre-need, and health maintenance organization (HMO) industries amid the uncertainties of the COVID-19 pandemic. Notably, a considerable number of the 113 circular letters issued in 2020 were issued in response to the COVID-19 pandemic. As of this writing, more than 400 circular letters have been issued by Funa throughout his term of office, the most issued by any insurance commissioner to date, which fostered, and continues to foster, a healthy regulatory environment that enabled the IC’s regulated entities to reach significant milestones.

Funa continues to hold office as insurance commissioner as of this writing despite the end of his six-year term, as no successor has been appointed and qualified yet in accordance with the provisions of the Amended Insurance Code.