Escobillo named new insurance commissioner

The Department of Finance (DOF) announced yesterday the appointment of Evangeline C. Escobillo as new insurance commissioner effective immediately.

Finance Secretary Margarito Teves said in a press briefing that Escobillo has extensive experience in the insurance industry, particularly in actuarial studies.

He said Escobillo was a principal partner at the actuarial consulting firm Present Value Managers Inc. from 1994 to the present and has serviced as consultant for the Securities and Exchange Commission (SEC) where she reviewed the financial statements, pricing and actuarial reserve valuation reports of pre-need companies.

Escobillo, Teves said, also possesses expertise in the banking industry, having been president of the Anchor Savings Bank since 1989, as well as current director and one-time president of the Chamber of Thrift Banks.

"We are grateful to Commissioner Benjamin Santos for his hard work and dedication and wish him continued success in all his future undertakings," Teves said.

According to Teves, he believed Escobillo will be able to take initiatives in improving the insurance industry through continuation of reforms such as the insurance on motor vehicles.

"We look forward to working with Commissioner Vangie Escobillo to further raise the standards and improve the business environment for the insurance industry," he said.

The DOF chief said he also expects the new IC commissioner to follow the basic direction of the finance department.

"Ms. Escobillo has the attributes and capability to put the insurance commission at the next level," he said.

Santos was reportedly sacked by Malacañang after less than a year in the office.

Recently, Santos proposed the compulsory motor vehicle insurance coverage whose right to operate is being contested by three parties, including state-owned Government Service Insurance System (GSIS).

Santos reportedly opposed the GSIS’ bid to take over the issuance of compulsory third party liability (CTPL) insurance.

Last month, Santos also proposed to the DOF two modes for a consortium to provide CTPL coverage.

Santos told the DOF that it has adopted the consortium approach to mandated public liability coverage as part of its reform program to address the weaknesses of the current systems which have resulted in unpaid government taxes, corruption, untold sufferings for the insured public and a general loss of confidence in the insurance system. – With a report from Ted Torres