From our colleagues at the Asia Insurance Review19-Jan-2010 The Philippine Department of Finance will launch the National Strategy and Regulatory Framework for Microinsurance on 29 January, outlining the government's policy thrust in providing access to insurance to the poor.
The National Strategy document defines the objectives, the roles of the various stakeholders and the key strategies to be pursued in enhancing access to insurance by the poor.
The government will promote public awareness of the importance of appropriate risk protection for the poor through microinsurance and the private sector's participation in delivering simple and affordable insurance products for the low-income and informal sectors of the country. It will also promote health insurance for the poor in the context of social protection.
The Regulatory Framework, on the other hand, establishes the policy and regulatory environment that will encourage, enhance and facilitate the safe and sound provision of microinsurance products and services by the private sector. It also identifies and promotes a system that will protect the rights and privileges of those who are insured and ultimately enhance trust and confidence in the insurance industry and other providers of insurance-like and similar products and services.
The National Strategy and Regulatory Framework have been approved by members of a steering committee comprised of representatives from the Finance Department, Insurance Commission, Bangko Sentral ng Pilipinas, Securities and Exchange Commission, Co-operative Development Authority, National Anti-Poverty Commission and Phil-Health.