BSP Circular no. 683

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 

BSP CIRCULAR NO. 683 MARKETING, SALE AND SERVICING OF MICROINSURANCE PRODUCTS dated 23 February 2010

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

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.

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);

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.

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.

Thank You! www.bsp.gov.ph gbutardo@bsp.gov.ph

BSP Circular no. 683

by MABSIV on Jun 11, 2010

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BSP Circular no. 683 — Presentation Transcript