The Mutual Exchange Forum on Inclusive Insurance (MEFIN) is a peer network of insurance regulatory authorities in Asia established as a platform for an effective and efficient exchange of relevant knowledge and best practices on inclusive insurance. It was formed in May 16, 2013 through the assistance of the GIZ program on Regulatory Framework Promotion of Pro-poor Insurance Markets in Asia (RFPI Asia) with regulators from six Asian countries who pledged to support inclusive insurance as a strategy for poverty reduction in the region.
The Regional Steering Committee (RSC) sets the strategic direction of the MEFIN Network. It develops policies of the MEFIN, and reviews and approves the plans of the Network. Using a set of selection criteria, the RSC also approves the applications of new countries who would like to join the regional Network.
The RSC creates Technical Working Groups (TWGs) as a means to facilitate the attainment of the goals of the Network. The TWGs work on various topics of regional interest and relevance to the members. Current topics include Regulation and Supervision, Knowledge Management, Capacity Building and Business Models. Each TWG prepares its own Annual Work Plan and submits to the RSC for review and approval.
Meeting twice a year, the RSC is composed of regulators from the MEFIN countries. It is led by a Chair and a Vice-Chair and is supported by a non-voting Secretariat which provides content, technical and administrative assistance.
The Technical Working Group on Regulation and Supervision (TRS) helps member countries implement regulatory instruments in their respective jurisdictions. These instruments include those that concern consumer protection issues, regulatory reviews, regulatory impact assessment, strategies for sectoral development or selected sub-topics such as financial literacy and regulatory framework, and experiences of the regulatory institutions with performance indicators. The TRS ensures that gender aspects are taken into account in the development of selected instruments. It is also the task of the TRS to engage insurance industry associations in the various Technical Working Groups.
The Technical Working Group on Knowledge Management (TKM) facilitates the documentation, publication and sharing of experiences of MEFIN members, especially on business models, that promote inclusive insurance. Some of the initial tasks of the TKM include the development of a guide for review of knowledge products prior to publication and dissemination, and the design of a standard and official format for said products. It is also the responsibility of this TWG to ensure the sustainability of Knowledge Management within the Network.
The Technical Working Group on Capacity Building takes charge of the development and conduct of training activities for MEFIN Network members, including the private sector, following international standards. It develops training modules on topics relevant to the needs of Network members and partners such as Self-Assessment and Regulatory Impact Assessment. This TWG also encourages the participation of insurance industry associations in Public-Private Dialogue events in support to the goals of capacity building within the Network.
The Technical Working Group on Business Models (TBM) encourages the development and publication of case studies on business models and fact sheets on best practices among the MEFIN Network member countries. These business models and practices are shared through various platforms such as the MEFIN webpage and the bi-annual Public-Private Dialogue events. Part of the responsibility of the TBM is the development of a standard process of prototype product development for the Network. It is also the responsibility of this TWG to encourage insurance industry associations to participate in the dialogue events.