On January 29, 2010, the Philippine government launched the national strategy and regulatory framework for the microinsurance industry in the Philippines. In a ceremony at the Philippine International Convention Center in Pasay City, representatives from the government -- the Department of Finance, Securities and Exchange Commission, Bangko Sentral ng Pilipinas, Insurance Commission, Cooperative Development Authority and state health insurer Philippine Health Insurance Corporation -- signed the two documents which were produced by a technical working group composed of representatives of state agencies and non-government organizations in late 2009.
Finance Secretary Margarito B. Teves said in his keynote speech during the event that promoting, supporting and advocating microinsurance or low-cost insurance that provides the poor protection and relief against distress, misfortune or contingent event "is one invaluable step towards freeing our people from those chains of poverty."
The national strategy for microinsurance states the objective, the roles of the various stakeholders and the strategies to be implemented in improving access to insurance of the poor, the self-employed and their families. It also provides ways to encourage those who are providing informal insurance and insurance-like activities to register and to comply with existing regulations set by the government.
The regulatory framework specifies that commercial life and non-life insurance firms, mutual benefit associations, cooperative insurance societies, pre-need firms and health maintenance organizations, among others, which sell microinsurance, should be registered and licensed by the state.
Finance Undersecretary Gil S. Beltran said in an interview that they will strive to eliminate "fly by night" microinsurance firms and eradicate scams by “coming up with a uniform set of rules to be followed by regulators and microinsurance firms”.
No comments:
Post a Comment