IC Issued Adoption and Implementation of the Enhanced Regulatory Framework

   The Enhanced Regulatory Framework was conceptualized by a technical working group (TWG) composed of the IC, Department of Finance, other government agencies and private sectors, including the Microinsurance MBA Association of the Philippines (RIMANSI)

   The Insurance Commission (IC) circulated a letter mandating Mutual Benefit Associations (MBAs) among others to adopt and implement the Enhanced Regulatory Framework in their respective associations.

   The enhanced framework was taken off from the Regulatory Framework for Microinsurance launched by the Philippine government in January 2010. With the positive response of the insurance industry in this initiative, the government aims to expand the accessibility of microinsurance in the country. And with the continuous growth and development in the industry, the government aims for greater financial inclusion, reaching the remotest among its people and this newly enhanced framework seeks to provide the enabling environment for the industry.

   MiMAP, being the representing body of microinsurance MBAs helped in developing the enhanced framework through its active participation in its conceptualization. MiMAP engages in various TWGs to make sure that all future policy intervention will continue to contribute in the growth of Mi-MBAs. The enhanced framework provides improved regulatory environment for microinsurers enabling them to broaden their scope and reach. Among the improvements in the framework is the establishment of rules in product bundling, which encourages the insurers to be innovative and responsive to the needs of its members in developing new products.