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.
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The A2ii Secretariat is proud to share with you the first edition of the A2ii policy notes: These notes will inform policy-makers, the international development community and other interested stakeholders about the importance of insurance regulation in supporting the achievement of international development objectives.
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.
On the topic: Actuarial capacity is a challenge in most inclusive insurance markets. It is for this reason that the IAIS in close collaboration with the International Actuarial Association (IAA) will be developing a paper on "approaches to actuarial services in inclusive insurance markets". The paper will aim at providing general guidance on requirements and specific approaches for proportionate actuarial services in inclusive insurance markets that is applicable across jurisdictions.
On the topic: At the request of the IAIS the 9th Consultation Call focused on "Mutuals, Cooperatives and Community Based Organisations (MCCOs) ". The IAIS is currently working on the development of an Application paper which will provide supervisory guidance regarding adherence to and implementation of the relevant Insurance Core Principles (ICPs) with respect to MCCOs in inclusive insurance markets.
Inclusive insurance markets develop best if policymakers commit to financial inclusion and enable existing and new market makers to innovate with appropriate policy measures followed by proper supervision to protect consumers.
In order to stimulate the development of the inclusive insurance market in Uganda the Insurance Regulatory Authority of Uganda (IRA) has developed a microinsurance regulation which will create a more proportionate regulatory environment for microinsurers.
On 13th March 2015, the Insurance Regulatory and Development Authority (IRDA) India introduced the revised Microinsurance Regulation (2015) which supersedes the existing regulations introduced in 2005. Withdrawal of all existing microinsurance products which do not meet the stipulations of the new regulation must be done by January 2016.
The A2ii published an article in the new annual Microinsurance Network publication ‘The state of Microinsurance’. In the article the A2ii gives an overview of the current status of microinsurance regulation, highlights recent trends in inclusive insurance markets and provides an outlook on their regulatory implications and potential challenges.