National Credit Council Secretariat of the Philippines - Micro Insurance Regulatory Framework


The National Credit Council Secretariat of the Philippines' "Micro Insurance Regulatory Framework" aims to provide a policy and regulatory environment that will facilitate the participation of the private sector in providing risk protection for the poor and ensure that the rights and privileges of the insured poor will be protected and promptly acted upon. The framework also gives insurance providers flexibility to put in place the necessary safeguards against fraudulent and scrupulous claims. Specific regulatory concerns will be addressed to attain this objective and, given a huge informal market for micro insurance it will provide a formalization path for existing informal providers to transform themselves into formal micro insurance providers. The framework is divided into several sections, and covers the following topics:

1. The Vision: Appropriate Risk Protection for the Poor
2. The Scope of the Regulatory Framework
3. The Objective of the Regulatory Framework
4. What Is Micro Insurance?
5. Who Can Provide Micro Insurance Contracts?
6. What is Required of Micro Insurance Providers?
7. Who Can Sell Micro Insurance Products?
8. Performance Standards
9. Financial Literacy (Learning/ Education) for Micro Insurance
10. Key Features of a Micro Insurance Contract

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National Credit Council Secretariat of the Philippines
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