Sun Life urges regulator to update insurance rules

The meeting cited emerging risks tied to digital innovation across the sector.

Sun Life of Canada (Philippines), Inc.’s President, JJ Moreno, and incoming chief executive officer and country head of Sun Life Philippines, has met with Insurance Commissioner Atty. Reynaldo Regalado to discuss improving financial literacy across the country last week.

Moreno and Regalado highlighted the use of digital platforms to deliver financial education in a way that is accessible and scalable, particularly for communities outside major urban centres.

The meeting also covered ways to expand access to life insurance, especially for Overseas Filipino Workers and underserved segments of the population.

Both sides noted the need for affordable insurance products and wider public awareness to help bring basic financial protection to more households.

Moreno and Regalado exchanged views on the industry’s transition to International Financial Reporting Standard 17 (IFRS 17), citing its importance in improving transparency and consistency in financial reporting. 

They said the new standard could help strengthen trust in the insurance sector amongst policyholders and other stakeholders.

Regulatory reform was another key topic, with discussions touching on the need to update the Insurance Code of the Philippines. 

According to Sun Life, both parties agreed that regulations must evolve to keep pace with digital innovation and emerging risks facing the industry.