Insurance Commission approves microinsurance performance standards in the Philippines
Business World Online, 31 January 2011
The Insurance Commission (IC) in the Philippines has approved the performance standards that will govern the microinsurance industry.
These performance standards dictate how insurance companies, cooperative insurance societies and mutual benefit associations providing microinsurance products and services will be evaluated and monitored by the IC.
Insurers will be evaluated and monitored according to standards or indicators grouped under the acronym SEGURO, which stands for: Solvency and stability; efficiency; governance; understanding of the product by the client; risk-based capital; and outreach.
According to the report, the risk-based capital, solvency and stability indicators will be applied to insurers’ total operations, while the others will be applied only to their microinsurance operations.
Click here for more information on the approved standards and indicators
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