Microinsurance rules are out in the Philippines
Business World, 28 February 2010
Banks selling microinsurance must ensure customers are aware these are not guaranteed by lenders and the state deposit insurer, and make sure that partner insurance firms have the means to protect customers, the Bangko Sentral ng Pilipinas (BSP) said.
Circular 683 issued on February 23 but posted on the central bank’s website last Friday stated that thrift, rural and cooperative banks that plan to sell or market microinsurance must ensure clients understand these are not bank products.
“Towards this end, all organic documents, informational and promotional materials used in the presentation and sale of these products shall prominently display both the name of the issuing insurance provider and a clause stating that the insurance product/s... is/are not insured by the Philippine Deposit Insurance Corp. and is/are not guaranteed by the bank,” it said.
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