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ADB provides USD750,000 for microinsurance in China and Mongolia
Microfinance Focus, 1 September 2010
The Asian Development Bank (ADB) is providing a two-year USD750,000 grant from the ADB-administered Regional Cooperation and Integration Fund to examine market supply and demand for microinsurance in People’s Republic of China and Mongolia. The grant will address policy, regulatory and institutional barriers in the region’s Microinsurance sector.
ADB will work with the Access to Insurance Initiative (A2II), a global programme launched in 2009 with the International Association of Insurance Supervisors (IAIS) and the Microinsurance Network (Regulation, Supervision and Policy Working Group).
This Initiative seeks to link development agencies and industry supervisors to promote expanded insurance services to the poor worldwide.
A Memorandum of Agreement has been signed under which the German development agency and secretariat of the initiative, GTZ, will provide co-financing of about USD178,000 and will engage in and support work agreed with ADB and A2II. The ADB, A2II, and GTZ teams will work with the Chinese Insurance Regulatory Commission and Mongolia Financial Regulatory Commission.
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