On this call we examined the practical aspects of proportional disclosure regulation, which can encourage the industry to offer inclusive insurance while ensuring consumer protection.
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On the topic: there has been a rapid growth in mobile insurance, especially over the past 5 years. Yet for a domain where so much is happening and where more players (e.g. Mobile Network Operators, technical service providers) and regulators are getting involved, there is still little information about potential risks and corresponding solutions. In particular, the topic of data protection – the regulatory measures taken to protect personal data – has not received much attention.
On the topic: mobile insurance has a huge potential in advancing inclusive insurance markets and has experienced rapid growth in recent years. However, it also brings with it new risks and challenges for insurance supervisors seeking to ensure policyholders are protected from abuse and fraud. Participants on the call will learn more about these risks and discuss potential supervisory responses. Additionally, different country examples will be shared with participants on the call.
On the topic: Participants on the call will discuss the role of insurance supervisory authorities in developing and implementing effective national financial literacy and consumer education strategies.
On the topic: Prudential supervision should be both risk-based and proportionate. These criteria are equally relevant when supervising insurers operating in the conventional insurance market and those providing insurance to the underserved. However, differences in the nature, size, and risk profiles of the insurers involved might mean that traditional prudential supervisory approaches would be inappropriate.
The report “Proportionality in practice: Disclosure of information” draws on the experiences of Brazil, Pakistan, Peru and El Salvador and examines the practical aspects of disclosure in which supervisors adopt proportionate regulation in order to encourage the industry to offer inclusive insurance while ensuring consumer protection.
A Presentation made at the High – Level seminar on Micro-insurance Regulation for Supervisory Authorities
May 30 – 31, 2012 Khartoum, Sudan.
Presentation at International Conference "Enabling Microinsurance Markets - Overcoming the challenges for the insurance industry, regulators and supervisors", 03 May 2010 in Berlin, Germany