NRT 2011: Regulatory Framework - Microinsurance Marketing, Sale and Servicing

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NRT 2011
May 23-24, 2011
Manila

Session 9:
Responsible and Effective Sales, Marketing and Servicing of Microinsurance by Rural Banks

By: Mr. Gerardo Butardo,
Deputy Director of the MSME Finance Specialist Group of the Bangko Sentral ng Pilipinas (BSP) Supervision and Examination Sector

Published in: Economy & Finance, Business
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NRT 2011: Regulatory Framework - Microinsurance Marketing, Sale and Servicing

  1. 1. MICROINSURANCE
REGULATORY FRAMEWORK: MARKETING, SALE & SERVICING GERARDO A. BUTARDO Deputy Director MSME Finance Specialist Group Supervision and Examination Sector
  2. 2. Presenta(on
Outline
•  Microinsurance
Defined
•  Regulated
Microinsurance
Services
•  Proper
Offering
of
Microinsurance
Services
•  Requirements
for
Authority
to
Offer
Microinsurance

  3. 3. Microinsurance
Defined
•  IC
Circular
No.1‐2010
dated
01‐29‐10
 – an
acLvity
providing
specific
insurance,
insurance‐ like
 and
 other
 similar
 products
 and
 services
 that 
 meet
 the
 needs
 of
 the
 low‐income
 sector
 for
 risk
 protecLon
 and
 relief
 against
 distress,
 misfortune 
 and
other
conLngent
events

  4. 4. Regulated
Microinsurance
Services 
•  Circular
No.
683
dated
23
February
2010
 –  PresentaLon/markeLng
 –  Sale
 –  Servicing

  5. 5. Proper
Offering
of
Microinsurance
Services 
•  Memo
To
All
Rural,
CooperaLve
and
ThriW
Banks
 (M‐2011‐015
dated
18
March
2011)
 –  Secure
license
from
IC
as
agent
or
broker
 •  BSP
“No
ObjecLon
NoLce”
 •  Undergo
microinsurance
training
and
pass
 qualifying
exam;
and
 •  Amend
ArLcles
of
IncorporaLon
 –  Partner
with
Licensed
MI
Provider
 –  Secure
authority
from
BSP

  6. 6. REQUIREMENTS
FOR
AUTHORITY
TO
OFFER
 MICROINSURANCE
SERVICES
•  Board
approval

•  Contract
with
MI
provider/partner
•  IC
approval
of
products
to
be
marketed/sold
•  CerLficate
of
Authority
of
MI
provider
•  License
as
MI
agent
or
broker
•  CerLficaLon
of
Bank’s
conLnuing

compliance
with
 exisLng
guidelines

  7. 7. THANK
YOU
 www.bsp.gov.ph
gbutardo@bsp.gov.ph


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