microinsurance regulatory framework nigeria conf 09 10-2013
DESCRIPTION
Philippine microinsurance regulatory framework presentation delivered at the International Microinsurance Conference in NigeriaTRANSCRIPT
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MICROINSURANCE: POLICY AND REGULATORY FRAMEWORK – WHY, HOW AND WHAT
BUILDING THE BACKBONE IN THE PHILIPPINES
INTERNATIONAL MICROINSURANCE CONFERENCELEARNING SESSION NIGERIAABUJA, NIGERIA SEPTEMBER 10-11, 2013
JOSELITO ALMARIODEPARTMENT OF FINANCE, PHILIPPINES
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WHY THE FRAMEWORK
ABSENCE OF POLICY AND REGULATORY
FRAMEWORK
• Vague government policy direction
• Unclear regulations and guidelines on microinsurance
• Hesitant providers
INAPPROPRIATE PRODUCTS
• Not tailor-fitted• Unaffordable• Complex and
complicated contracts
• Cumbersome requirements
LACK OF AWARENESS
• Distrust of insurance providers
• “Leave it to destiny” mentality
• No immediate benefits
• Additional financial burden
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WHEN IT ALL BEGAN
GOVERNMENT SECTO
R
PRIVATE
SECTOR
2009 CONVERGENCE
POLICY/ REGULATORY BODIES
INSURANCE PROVIDERS (LIFE/NONLIFE - COMMERCIAL, COOPS, MUTUALS)INTERMEDIARIESMICROFINANCE INSTITUTIONSMAJOR STAKEHOLDERS
TECHNICALWORKING GROUPS
PUBLICCONSULTATIONS
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HOW THE FRAMEWORK WAS DONE
Theme Identification
Creation of Technical Working Group
Drafting of framework
Consultation with public -
finalization of framework
Drafting and
issuance of guidelines/ regulations
Nationwide seminars, trainings
and
workshops
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WHAT WERE COVERED
Market ConductProduct
Innovation and Development
Financial Literacy and
Advocacy
Consumer Value and Protection
POLICY AND REGULATORY
ENVIRONMENT
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WHAT ARE THE LESSONS LEARNED
Public-private sector collaboration from the onset is critical
for financial inclusion reforms
Private sector ownership of the reforms ensures
continuity
Multi-sector representation is an effective venue/fora for continuous policy
dialogues
A comprehensive framework should let markets work - for all stakeholders
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A CONDUCIVE AND ENABLING POLICY AND REGULATORY FRAMEWORK –
BUILDS THE BACKBONE FOR INSURANCE MARKETS TO WORK
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