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  • 1. BSP
CIRCULAR
NO.
683 
 MARKETING,
SALE
AND
SERVICING
OF
 MICROINSURANCE
PRODUCTS 
 dated
23
February
2010
 Gerry Butardo Bangko Sentral ng Pilipinas 2010
RBAP‐MABS
Na.onal
Roundtable
Conference
 Hya=
Hotel
and
Casino,
Manila
 June
2‐3,
2010

  • 2. BSP CIRCULAR NO. 683 MARKETING, SALE AND SERVICING OF MICROINSURANCE PRODUCTS dated 23 February 2010
  • 3. Background   Pursuant to the financial inclusion thrust of National Strategy and Regulatory Framework for Microinsurance, a rural, cooperative or thrift bank, including its authorized branch/es, extension office/s and other banking offices (OBOs), can present, market and sell microinsurance products as defined under IMC No. 1-2010, provided that the microinsurance product is duly approved by the Insurance Commission. 3
  • 4. Objectives For this purpose, a rural, cooperative and thrift banks can:  serve microinsurance as a “financial product of an allied undertaking” under Section 20 of the General Banking Law (GBL); and  service microinsurance products as collection and payment agents pursuant to Section 53.3 of the GBL.
  • 5. Goals  Ensure that microinsurance products presented and marketed are clearly distinguishable from bank products;  All organic documents, informational and promotional materials shall prominently display both the name of the issuing insurance provider and a clause stating that the insurance product/s of (name of issuing insurance provider) is/are not insured by PDIC and is/are not guaranteed by the bank);
  • 6. Goals (Cont.)  Ensure compliance with pertinent laws and rules on the sale of microinsurance products set by the Insurance Commission; and  Check whether the microinsurance product-issuing insurance provider has a functioning customer care and claims-handling mechanism to handle consumer protection issues.
  • 7. Documentary Requirements 1.  Board Resolution 2.  Memorandum of Agreement 3.  Letter of Approval from IC 4.  Certificate of Authority from IC for insurance provider 5.  Bank’s license as broker/agent issued by IC 6.  Bank’s President Certification on continuing compliance 7.  Letter of undertaking from Bank’s President 8.  Such other information as may be required by BSP.
  • 8. Thank You! www.bsp.gov.ph gbutardo@bsp.gov.ph