Laws, rules and regulations and issuances affecting microinsurance were reviewed and taken into
consideration in the final regulatory framework. TWG meetings and Regional consultations with stakeholders were conducted. Regulatory Framework finalized and submitted to the Steering Committee on December 11, 2009 and, formally signed and launched on January 29, 2010.
Circulars for microinsurance were identified and finalized. Two circulars (IMC 1 2010 and
JMC 1 2010) were signed and launched on January 29, 2010 while another circular (JMC 2
2010) was signed on June 25, 2010.Regulatory Framework on
Microinsurance launched on January 29, 2010.
Roadshows (6) on circulars on formalization of microinsurance
activities were conducted in 2010. TWG meetings conducted to draft, formulate, and finalize the
Performance Standards. Circular letter on the adoption and implementation of the Performance Standards was drafted. Four (4) consultations with industry players were conducted
in 2010. Draft Circular Letter on Performance Standards was approved by the Steering Committee on December 2010. Said circular was also endorsed for signing by the Insurance Commissioner. Technical Working Group meetings on the Development of the Roadmap to Financial Literacy on Microinsurance conducted. Public consultations (6) conducted in 2010. Roadmap to Financial Literacy on Microinsurance finalized and approved by the members of the Steering Committee.In support of the project objectives and the various activities conducted, the project in partnership with the Insurance Commission, the National Credit Council- Department of Finance and the German International Cooperation (GIZ) also conducted a microinsurance awards night for microinsurance providers on January 30, 2012. The event recognized insurance providers who have already sold microinsurance policies as of December, 2011.
To culminate the activities of the project, a National Conference on Microinsurance was also held on September 12, 2012. The Conference showcased the various initiatives undertaken under the project, milestones achieved and the other activities carried out by the other stakeholders (e.g. insurance providers, delivery channels) that are contributory to the current state of microinsurance in the country. The Conference also identified remaining issues and gaps that need to be addressed for the continued growth and development of the microinsurance industry.