MABS Microinsurance Coordinator, Ruth Aseron shares lessons learned during the RBAP-MABS Regional Roundtable Conference 2010.
The RBAP-MABS Regional Roundtable Conferences in Manila and Davao each featured a session on Microinsurance that sought to provide participants insights on the various distribution models which rural banks are allowed to adopt. Presented were perspectives on how rural banks should formalize its microinsurance distribution operations in compliance with the provisions of the National Regulatory Framework and with regulations issued by the Insurance Commission (IC) and the Bangko Sentral ng Pilipinas (BSP). The session focused especially on Section 6 of the Microinsurance National Regulatory Framework, which provides entities engaged in informal insurance or insurance-like activities three (3) options to formalize their microinsurance operations:
- Become an agent