The Council of Members of Asian Reinsurance Corp. (Asian Re) has reelected Insurance Commissioner Dennis B. Funa as chairperson for a fresh new two-year term.
Funa, who previously served as vice-chairperson, was first elected as chairperson of Asian Re’s Management Board from June 28, 2019 until June 10 this year.
“I am deeply honored to have been reelected as Chairperson of Asian Re. The trust and confidence reposed upon me by the Council of Members have been truly overwhelming and inspiring,” Funa said.
“I look forward to working closely with the other members of the Council in realizing Asian Re’s objectives,” he added.
Established in 1979, Asian Re is an intergovernmental organization based in Bangkok, and owned by the 10 governments—Afghanistan, Bangladesh, Bhutan, China, India, Iran, South Korea, Sri Lanka, Thailand, and the Philippines.
Asian Re’s primary objective is to be the leading professional reinsurer in the Asia-Pacific region. Its affairs are run by a Management Board, which meets every quarter, or at least three times a year.
Former Philippine Insurance Commissioner Gregoria Cruz Arnaldo was the first chairperson of Asian Re, who also served for two terms.
The concept of a regional reinsurer was developed in 1972 when the United Nations Conference on Trade and Development passed a resolution recognizing that a reinsurance market is an essential element of economic growth.
In 1974, 18 members of the United Nations – Economic and Social Commission for Asia and the Pacific agreed in principle to establish a regional reinsurance institution.
In 1976, a draft intergovernmental agreement was written and was signed by seven countries in 1977, including the Philippines.
The government also established the National Reinsurance Corp. of the Philippines authorized to subscribe to the portion of the capital stock of Asian Re allotted to the Philippines.