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Financial inclusion of low-income households has become a primary development agenda for many countries in Asia. Providing access to savings, credit, remittance and insurance is considered instrumental to achieving the poverty alleviation goal. Among these tools, access to inclusive insurance has received the least attention even as it offers significant impacts.
The Regulatory Framework Promotion of Pro-poor Insurance Markets in Asia (RFPI Asia) program seeks to improve access to insurance in the region by building the capacities for insurance regulation and supervision and by promoting the development of innovative insurance solutions for the low-income sector.
The number of Filipinos covered by short-term microinsurance products rose to a record 53.7M in 2021.The latest Insurance Commission (IC) data show that the number of lives insured by microinsurance policies sold by life and non-life insurers as well as mutual benefit associations (MBAs) climbed from 50.3m in 2020.
Launch: Covid19 Emergency Measures to Support MSMEs, The Payong AppThe Philippines’ Payong App is a unique tool seeking to empower MSMEs to recover in the shortest time possible.
The Financial Services Authority (OJK) is a state agency established under Act. No. 21 of 2011. It envisions to be a trustworthy monitoring institution that oversees financial services industry, in order to protect the interests of consumers and public, and to be able to bring about the financial services industry into becoming a pillar of national economy with global competitiveness as well as capability to promote public prosperity.
OJK is an independent institution and is free from interference from other parties. It's missions are the following:
On January 24, 2006, the Law on Legal Status of the Financial Regulatory Commission (FRC) established the Financial Regulatory Commission of Mongolia. This marked the new financial regulatory system in the country which separated banking and non-banking institutions. FRC and RFPI Asia’s cooperation lie in the Commission’s defined steps in reforming Mongolia’s capital and insurance markets through its regulatory oversight activities in line with international best practices and standards.
×Beema Samiti is the Insurance Regulatory Authority of Nepal constituted under Insurance Act 1992 to systematize, regularize, develop and regulate the insurance business in the country. As a regulatory body, Beema Samiti is charged to create a professional, healthy and developed insurance market. Beema in Nepali means Insurance while Samiti means Board. Generally, the Samiti looks after all the insurance-related activities in the State of Nepal.
×The Ministry of Finance (MOF) is the government ministry responsible for the finances of the state of Vietnam, including managing the national budget, tax revenue, state assets, national financial reserves and the finances of state corporations. The Ministry manages the work of national accounting, state borrowing, the activities of stock markets, and the Department of Customs.[1] Ministry main offices are located in Hanoi. The Ministry of Finance directly owns and controls some state companies, such as Bao Viet Insurance, of which it owns 71%
×VISION: To be the benchmark Insurance Regulator in Asia
MISSION: To protect policyholders’ interests whilst regulating, supervising and facilitating the development of the insurance industry.
×The Insurance Commision’s mandate is to to regulate and supervise the insurance, pre-need, and HMO industries in accordance with the provisions of the Insurance Code, as amended, Pre-Need Code of the Philippines, and Executive Order No. 192 (s. 2015).
Objectives:
- To promote growth and financial stability of insurance, pre-need, and HMO companies
- To professionalize insurance, pre-need, and HMO services, and develop insurance, pre-need, and HMO consciousness among the general populace
- To establish a sound national insurance market
- To safeguard the rights and interest of the insuring public, pre-need and HMO customers
The Securities and Exchange Commission of Pakistan (SECP) was setup in pursuance of Securities and Exchange Commission of Pakistan Act, 1997 and became operational on January 1, 1999. It has investigative and enforcement powers.
The current mandate of the SECP includes the following:
- Supervision and regulation of insurance companies
- Regulation of corporate sector and capital market
- Supervision and regulation nonbanking finance companies and private pension schemes
- Oversight of various external service providers to the corporate and financial sectors, including chartered accounts, credit ratings agencies, corporate secretaries, brokers, surveyors etc.
VISION: The OIC builds knowledge, capability and confidence to the public in applying the insurance system for risk management, security creation and a sustainable future.
MISSION:
1. Regulating and developing to strengthen and promote the insurance business (To Regulate).
2. Promoting insurance business to be part of the role to enhance the country's social economics strength and the well-being of the public (To Enhance).
3. Protecting the insured's right and benefit from the insurance system (To Protect).
