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New insurance commissioner vows to do things differently

MANILA, Feb. 22 – On his first day at work, mostly spent meeting the people that will be his teammates at the Insurance Commission, IC chief Santiago Ranada vowed to do things differently from his predecessors.

He will consult, dialogue and meet with the players that make up the insurance industry and more recently the pre need companies as well.

But in an interview on Monday, the former Court of Appeals Justice said he will decide quickly on matters that come or need his attention.

“What I can do quickly I will do fast. There is no sense putting off something that can be done today already,” Ranada said.

He meant the continuing pursuit to implement the letter of the law which says the Insurance Commission now has jurisdiction over the pre need industry and whose implementing rules have yet to be completed by industry players working hand in hand with the regulators.

Ranada observed industry players vowed to complete the draft work by this year only to float later on the idea that its completion could be as late as next year.

“As a former member of the judiciary, I get to decide on a number of cases everyday and we do not postpone them because in the courts we have deadlines,” the judiciary worker of 28 years said.

According to him, his boss, Finance Secretary Margarito Teves gave him leads, not specific instructions.

“As insurance commissioner I will simply implement the law,” Ranada said.

He first joined the judiciary in 1978 and stayed there till 2006 when he retired from the service.

He plays golf in his spare time, not with the bankers or insurance people as one might think but mostly with colleagues in the judiciary.

Ranada said he is aware of the capital buildup program that some 100 insurance companies must meet as part of a broad set of goals the IC as prudent regulator has set earlier.

“This is a matter specified by law. There is a deadline to be kept,” Ranada said. (PNA)


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