The Philippine Life Insurance Association, Inc. (PLIA) member companies have elected Sun Life Grepa President Richard S. Lim to the PLIA Board as President. The induction of officers led by Insurance Commissioner (IC) Hon. Reynaldo A. Regalado was held on February 6, 2024 at Dusit Thani Manila.
This follows Lim’s dedicated service as Treasurer in 2022, showcasing his commitment to the advancement of the life insurance industry.
In his acceptance speech, Lim expressed gratitude for the opportunity to serve in this capacity. “I thank the PLIA membership and my fellow 2024 Board members for their vote of confidence in choosing me to lead the industry as PLIA President.”
Furthermore, President Lim emphasized PLIA’s purpose to enhance financial literacy and raise awareness about life insurance, aligning with the government’s goal of fostering financial inclusion and making financial products affordable and available to all.
“The mission of PLIA encompasses three key pillars. Firstly, we are dedicated to supporting industry growth by increasing awareness and accessibility of life insurance, empowering our financial advisors to educate clients on financial preparedness. Secondly, we prioritize Filipinos’ welfare by fostering trust, transparency, and resilience in delivering insurance promises, while also safeguarding their privacy and consumer protection rights. Lastly, we aim to enhance stakeholder engagement, addressing relevant industry issues, and creating new capabilities to serve them better and help our members build scale.”
With these goals in mind, President Lim reiterated the collective effort needed to achieve success. “Working together, we aim to bring about positive changes that will uplift our regulatory environment, serve as enablers to the market players in bringing out their utmost potential toward the progressive development of our industry. Most importantly, we aim to place the IC and PLIA in a better position to safeguard and promote the interest of the insuring public,” President Lim added. “I believe our true success lies in the unity of our actions to grow the industry more than simply growing our individual businesses.”
PLIA, founded in 1950, serves as the non-stock, non-profit umbrella organization of all life insurance companies operating in the Philippines. With 31 member companies, PLIA plays a pivotal role in shaping and promoting the life insurance industry in the country.
