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RRT 2010 - BSP on Microinsurance


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RRT 2010 - BSP on Microinsurance

  1. 1. 2010

  2. 2. Applicable Laws  Section 54, RA 8791 (Gen. Banking Law)  “Abank shall not directly engage in insurance business as the insurer.”  Section 301, The Insurance Code  “Any person who for any compensation, commission xxx acts or aids in xxx soliciting, negotiating xxx any insurance contract, xxx on behalf of an insured other than himself, shall be an insurance broker xxx” 2
  3. 3. Applicable Laws, cont’d.  Section 299, The Insurance Code  “No person shall act as xxx broker in the solicitation xxx for insurance, or receive for services of obtaining insurance, any commission xxx from any insurance company xxx, without first procuring a license so to act from the Commissioner, xxx” 3
  4. 4. Regulatory Framework on MI:3 Options  Partner with licensed MI providers  Buy a MI product through licensed agent or broker  Join an existing MBA or Cooperative Insurance Society (CIS) 4
  5. 5. Cir. No. 683: Microinsurance (MI)  Refers only to the first option: partnership with licensed MI providers  Covers the regulations on presentation, marketing and selling of MI  Applies only to rural, cooperative and thrift banks 5
  6. 6. BSP Requirements  Copy of the BOD approval  Copy of written agreement between bank and MI provider  Copy of IC approval for each MI product  Copy of the Certificate of Authority of the insurance provider  Bank’s license as MI agent or broker 6
  7. 7. BSP Requirements, cont’d.  Certification from bank president for continued compliance:  MI product is authorized for cross selling under BSP regulations  MI provider and product are approved by IC  Conducted due diligence  Promotional materials comply with BSP  Bank personnel are trained and have passed IC exams 7
  8. 8. Thank You!