Friday, July 15, 2016
24 senior staff of insurance regulators, two finance ministry officials and 22 representatives of insurance associations and companies from six Asian countries met in Manila, Philippines from 11-14 July 2016 to discuss proportionality in prudential regulation, licensing, distribution and supervision and the implications on microinsurance development. Comprising the Mutual Exchange Forum on Inclusive Insurance (MEFIN Network), the delegates from Indonesia, Nepal, Mongolia, Pakistan, Vietnam and the Philippines shared their respective experiences through the public-private dialogue event which happened on 12 July being this one of the strategies that the MEFIN Network is taking in order to promote and develop inclusive insurance in the Asian region. The MEFIN is a collegial body of policymakers and regulators established in 2013 and expanded to form a network in 2016 with the participation of industry representatives to strive for a genuine regional implementation of inclusive insurance reforms. The MEFIN Public-Private Dialogue contributes to the commitment of the APEC Cebu Action Plan (Pillar 3: Enhancing Financial Resiliency) of providing a roadmap “for expanding the coverage of microinsurance and disaster risk finance in member economies.
Organised and supported by the GIZ Regulatory Framework Promotion of Pro-poor Insurance Markets in Asia (RFPI Asia), the Manila Public-Private Dialogue provided the opportunity for regulators and insurance providers to talk about cooperation and mutual support at the country level and to learn from the experiences of other members at the regional level. Headed by Network member Dr. Antonis Malagardis, GIZ RFPI Asia also serves as Secretariat to the MEFIN.
The MEFIN Netwrok comprises of four TWGs on Regulation and Supervision, Business Models, Capacity Building and Knowledge Management with the active participation of regulators and industry representatives of the MEFIN member countries, meeting on a quarterly basis. Their achievements were presented to the MEFIN’s Regional Steering Committee for approval. The three-day confab was capped by a visit to selected microinsurance distribution channels representing different business models. A visit to the Insurance Commission (IC) of the Philippines was also made. IC claims to be the first regulator to establish a Division dedicated to microinsurance.
MEFIN is currently chaired by Commissioner Emmanuel F. Dooc of the Philippines Insurance Commission. In his welcome message during the opening ceremonies of the confab, Commissioner Dooc stressed that the MEFIN Network is a platform for the exchange of best practices in inclusive insurance in the region.