Microinsurance MBAs’ Mutual Guarantee Fund
In celebration of the 7th National Microinsurance Month, a Microinsurance Forum dubbed as “Staying True to the Mission: Mutual Microinsurers Leading the Way through Comprehensive Risk Protection” was held at the Insurance Commission last 29 January 2013. In full force, Microinsurance Mutual Benefit Associations (MI-MBAs) in the RIMANSI network graced the event together with representatives of the different international development agencies, insurance practitioners, academe, and the regulators.
The forum, led by RIMANSI Organization for Asia and the Pacific (RIMANSI), a regional microinsurance technical resource center, brought together 14 licensed and regulated MI-MBAs to a Memorandum of Understanding for the establishment of a network Mutual’s Guarantee Fund. The Fund aims to protect participating MI-MBAs from insolvency through regular Solvency monitoring. Likewise, in the event a Participant is unable to meet its obligations or becomes insolvent, the Guarantee Fund shall be transferred directly to its members’ outstanding claims under the microinsurance contract.
The MOU signing was witnessed by the Insurance Commissioner Emmanuel Dooc , RIMANSI Chairman Emeritus Dr. Jaime Aristotle Alip, and RIMANSI President Rodolfo Quinday, Sr.
The fourteen MI-MBAs have a combined membership of over two (2) million nationwide, insuring about eight (8) million Filipino lives. Their combined contribution-premium for 2012 is at PhP 1.4 billion with PhP 381 milllion amount of claims paid. The refundable equity value of basic life contracts is at PhP 628 million. These community based microinsurers have paid an average of 44 death claims per day in 2012.
Late last year, this group of MI-MBAs also signed a Catastrophe Life Reinsurance Treaty with the National Reinsurance Corporation of the Philippines to lessen the impact of catastrophic events in the viability and sustainability of the MI-MBAs.
Signing of MOU for the establishment of Mutual’s Guarantee Fund. (Back L-R) Rolly Panganiban (QPI MBA), Edgardo Micayabas (FICCO MBA), Randy Quinday (KCCDFI MBA), Carmen Alegrado (Paglaum MBA), Roberto Dalit (SEDP MBA), Silvida Antiquera (K-MBA), Mary Jane Concepcion (Kazama Grameen MBA), Ernesto Galenzoga (RBT MBA), Linda Grace Arevalo (PBC MBA), Areli Vega (ASKI MBA), Janet Rulona (Ad Jesum MBA), May Dawat (CARD MBA), Pelagia Mendones (CARE MBA), Maria Luilla Salazar (SRCDC MBA) and Director Joselito Almario (DOF).
(Front L-R) Epifanio Maniebo (RIMANSI), Panfilo de la Paz (AAI), Dep. Comm. Ferdinand George Florendo (IC), Commissioner Emmanuel Dooc (IC), Dr. Jaime Aristotle Alip (RIMANSI), and Rodolfo Quinday, Sr. (RIMANSI).