16 January 2017, Issue 02

MEFINews

A Newsletter on Inclusive Insurance


In this issue:


  • What are the highlights of the MEFIN regional steering committee (RSC) virtual meeting?
  • What are the latest updates on inclusive insurance in Asia? New studies? Good practices?
  • Upcoming MEFIN events?

Don’t you know...

That different business models on micro insurance are now uploaded to the MEFIN website and available to the public?

That the Regional Steering Committee of MEFIN approved the policies and guidelines on uploading of relevant micro insurance documents in the MEFIN website during their second RSC meeting conducted virtually on 09 Dec 2016?

That the next Private Public Dialogue organized by MEFIN with Munich Re Foundation and MicroInsurance Network will be held in Hanoi on 14 to 16 March 2017, back to back with MEFIN organization meeting and Munich Re Foundation Learning Sessions? To read more on MI materials, please visit MEFIN website.

Industry News

October 2013, OJK jointly with the insurance associations, launched the Grand Design for the Development of Indonesia’s Microinsurance market, which encourages innovation in product design and distribution. Getting inspiration from the experiences of another MEFIN member, Philippines, on distribution of MI products through pawnshops, new MI product is now available through the network of Pegadaian pawnshops across Indonesia. Read Factsheet on MEFIN Website for more details.

In 2014 the Financial Regulatory Commission (FRC) of Mongolia issued the Resolution 303 which provided rules for the development of inclusive insurance products, specifically targeting the low-income market by having low premiums and simple policy contracts. The industry, as advised by the Business Advisory Group (BAG) of the MEFIN Network, responded with two new products covering all kinds of accidents of children for low-income families and insuring private residences, including gers, fences, and houses against fire and natural disasters. Read Factsheet on MEFIN Website for more details.

The Prime Minister and Council of Ministers of Nepal has recently appointed Mr. Chiranjibi Chapagain as the Chairman of Beema Samiti, currently holding the Vice Chairmanship of the MEFIN RSC. The MEFIN Network welcomes Mr Chapagain as we work hand in hand towards development of the micro insurance industry in Asia.

The Securities and Exchange Commission of Pakistan released the Draft Insurance Bill for public consultations and shared with the MEFIN Network for comments. See SECP article.

The insurance Commission issued a new distribution framework for microinsurance in December 2016, with input from GIZ RFPI II as secretariat to the MEFIN. The Framework covers all aspects of contracting distribution channels and their conduct in the delivery of micro risk protection products and services . Read circular in IC website.

Aligned with the IAIS application paper on Inclusive Insurance, ISA pilot measures of regulation to support inclusive insurance market. Business models for two delivery channels, Women’s Union and Cooperatives, as advised by the BAG of the MEFIN Network, are in the finalization stage.

RFPI Asia II, secretariat to the MEFIN Network, shares its expertise in the finalization of the content and design of the online portal for the clearing house for risk transfer. The UNFCCC will launch a beta version of this online platform soon.

Mr. Bum-Erdene, Deputy Chairperson of FRC, expressed his pleasure that Mongolia became member of MEFIN and started cooperation with GIZ- RFPI. He affirmed that FRC and RFPI would continue their cooperation to bring up more favorable regulatory environment for developing inclusive insurance.

Speech during the Seminar on Risk Protection Mechanisms for SMEs to Strengthen Inclusive Insurance in Mongolia on 05 October 2016

Updates for MEFIN Members

Documentation of the virtual meeting of the MEFIN RSC, together with updated work plans and the SA report is now available in the MEFIN website. Please visit MEFIN website members only page.