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Meeting on Microinsurance - Promoting Successful Regulatory and Supervisory Approaches for Increased Access to Insurance

The Financial Stability Institute of the Bank for International Settlements provided for the second time this forum for discussion on matters related to microinsurance and financial inclusion of the poor. 60 senior insurance supervisors, regulators and policy makers from 25 countries around the world attended this meeting, which focused on current opportunities and challenges, and the policy, regulatory and supervisory needs in this area.

Expert speakers from the IAIS and MIN, as well as other organisations, policymakers and supervisors with experience in microinsurance highlighted following key issues.

  1. Microinsurance is a relevant financial service for low-income earners.
  2. Supervisors play a key role in promoting a thriving microinsurance market.
  3. First understand your market - then regulate.
  4. Trusted and efficient delivery lead to actual usage of insurance.
  5. The key to understanding microinsurance can be summed up in one word: simplicity. It facilitates sales, understanding and fair services.
  6. Consumer protection is a core task for insurance supervisors.
  7. Concertation among sector policies and public and private stakeholders is a must.
  8. Diverse providers are relevant - ranging from mutuals to large insurance corporations.
  9. Formalisation is an important strategy in countries that have many significantly active yet informal insurers.

Formalisation will permit informal actors to upgrade and thereby provide the basis for large-scale and sustainable insurance delivery to the poor. Each jurisdiction has to define its own threshold for this. If entry requirements are lowered, supervisory capacity must be considered from the outset.

All this should happen under the premise of efficiency, fairness and proportionality. Proportionality ensures that regulation is tailored to the risks, nature and size of the microinsurance operations. These principles are important to move forward.

These matters are expected to be the subject of more elaboration when the Joint Working Group of the IAIS and the Microinsurance Network moves forward with their workplan to provide more elaborative standards and guidance regarding formalisation issues.

Basel, Switzerland, 6-8 July 2010

Opening

Opening Remarks: Gunilla Borer, Senior Financial Sector Specialist, Financial Stability Institute (FSI), Bank for International Settlements (BIS), Switzerland

Session 1, Tuesday 6 July

 

The Importance of Microfinance and Microinsurance From an Economic and Financial Stability Perspective:
Nestor A Espenilla Jr
, Deputy Governor, Supervision and Examination Sector, Bangco Sentral ng Pilipinas, the Philippines

The Importance of Microinsurance From a Poverty Alleviation Perspective:
Craig Churchill, Chair, Microinsurance Network (MIN) and Team Leader, Microinsurance Innovation Facility, International Labour Organization (ILO), Switzerland

Innovations in the Product Design, Distribution and Servicing of Claims:
Rakesh Jain
, Director and Chief Financial Officer, ICICI Lombard, India

Innovations in the Product Design, Distribution and Servicing of Claims (continue):
Innovations in the Design of Microinsurance Products:
Luis Huerta-Rosas, Chairman and Chief Executive Officer, EKA, Mexico
Microinsurance innovation and the implications for policy makers and regulators:
Doubell Chamberlain
, Managing Director, Centre for Financial Regulation and Inclusion (Cenfri), South Africa

Discussion Group on Consumer Protection and Education:
Facilitator: Mr Brandon Mathews
, Head, Emerging Consumer / Microinsurance, Zurich Financial Services, Switzerland

Session 2, Wednesday 7 July

From Country Evidence to Microinsurance Standards:
Martina Wiedmaier-Pfister
, Senior Adviser Regulation, Supervision, Policy, Consultant to GTZ and Federal Ministry for Economic Development and Cooperation (BMZ), Germany

Supervising Cooperatives, Mutuals and Other Community-based Entities:
Craig Thorburn, Senior Specialist, Financial & Private Sector Development, World Bank, United States

Formalisation of Informal Markets:
Informal insurance:
Doubell Chamberlain
, Managing Director, Cenfri, South Africa
Hennie Bester, Economist, Cenfri, South Africa
Formalizing the informal: Microinsurance in the Phillippines:
Joselito Almario, Deputy Executive Director, National Credit Council, Department of Finance, the Philippines

Discussion Groups on Increased Access to Microinsurance Markets, Facilitator:
Craig Thorburn
, Senior Specialist, Financial & Private Sector Development, World Bank, United States

Session 3, Thursday 8 July

Taking the Lead – Market Stimulation through Government Involvement:
Taking the Lead – Market Stimulation through Government Involvement:
Arup Chatterjee, Principal Administrator, IAIS, Switzerland
Microinsurance Regulation in Peru:
Carla Chiappe, Chief Insurance Supervisor, Reinsurance Risk Supervision Department, Superintendencia de Banca, Seguros y AFP, Peru
Market stimulation through government involvement:
Luis Huerta-Rosas, Chairman and Chief Executive Officer, EKA, Mexico


Success Stories of the Micro Insurance Innovation Facility Grantees:

Craig Churchill, Chair, MIN and Team Leader, Microinsurance Innovation Facility, ILO, Switzerland
Promoting successful regulatory and supervisory approaches for increased access to insurance:
Nelson C Kuria, Managing Director, Executive Department, CIC Insurance Ltd, Kenya
Promoting successful regulatory and supervisory approaches for increased access to insurance:
Jeremy Leach, Divisional Director & Principal: Micro-insurance, Hollard Insurance Group, South Africa

Closing

Closing Remarks:
Brigitte Klein,
Chair, Regulation, Supervision and Policy Working Group, MIN, and, Head, Sector Project Financial Systems Development, GTZ and BMZ, Germany

Date:
Tuesday, 6. July 2010 10:00 AM
Duration:
3 days
Location:
Basel, Switzerland
Knowledge category:
Workshops and Seminars

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