A peer network of insurance regulatory authorities in Asia
The Mutual Exchange Forum on Inclusive Insurance, or MEFIN Network, is a collegial body of insurance policy makers and regulators in Asia with membership from the insurance industry. It was formed in May 16, 2013 in Cebu, Philippines when financial inclusion policy makers and insurance regulatory authorities from 6 Asian countries (Indonesia, Nepal, Mongolia, Philippines, Thailand and Vietnam) signed the so-called Cebu Declaration jointly with the officers from GIZ (Deutsche Gesellschaft für Internationale Zusammenarbeit) Regulatory Framework Promotion of Pro-poor Insurance Markets in Asia (RFPI Asia) and the Asian Development Bank. The signatories pledged to support inclusive insurance as a strategy for poverty reduction in the region while developing the Network as a self-sustaining body prior to the completion of the third phase of the GIZ RFPI Asia program.
MEFIN is led by a Regional Steering Committee (RSC) which is composed of regulators from the member-countries. Each country has one Principal and one Alternate member in the RSC.
The RSC creates and supervises Technical Working Groups (TWGs) which currently encompass the topics of Regulation and Supervision (TRS), Business Models (TBM), Capacity Building (TCB), Knowledge Management (TKM) and Disaster Risk Insurance (TDRI). Each TWG is led by a member of the RSC. The Regulatory Framework Promotion of Pro-poor Insurance Markets in Asia (RFPI Asia) Program of GIZ serves as the Secretariat of the Network.
Currently, there are seven (7) member countries of the MEFIN Network - Indonesia, Mongolia, Nepal, Pakistan, the Philippines, Sri Lanka, and Vietnam. Thailand, which was one of the original signatories of the Cebu Declaration that established MEFIN in 2013, decided in 2016 to focus on its internal concerns and programs on inclusive insurance.
Membership to the MEFIN Network is currently open to regulatory authorities and insurance companies in Asia. Interested regulators and companies should express their interest in joining the Network through the Regional Steering Committee which does the evaluation and acceptance. As a requirement, interested insurance companies should obtain recommendation from their respective insurance regulators.