Publications -

Proportionate Regulatory Frameworks in Inclusive Insurance: Lessons from a Decade of Microinsurance Regulation

Access to Insurance Initiative

The global association Access to Insurance Initiative (A2ii) was set up in 1994 to represent insurance regulators and supervisors in 190 jurisdictions in nearly 140 countries, most of them emerging markets and developing countries, and accounts for 97% of the world’s insurance premiums. The A2ii issues global insurance principles, standards and guidance papers, provides training and support on matters relating to insurance supervision and organises meetings and seminars for insurance supervisors.

In this publication the A2ii examines current trends and challenges facing insurance supervisors, particularly in the areas of formalisation, mass distribution and digital technology.

The A2ii formulates a series of recommendations in this booklet that supervisors should bear in mind:

  • Understanding the single-market context of a jurisdiction before developing the regulatory microinsurance framework.
  • Bearing in mind the broader legal and regulatory context within which microinsurance regulations are issued.
  • Preventing and avoiding the unexpected consequences that might arise from a regulatory microinsurance eco-system.
  • Coordinating and cooperating with other authorities that are involved in supervising the provision or distribution of insurance-related products.
  • Adopting a structured, evidence-based procedure that is appropriately staged for developing and implementing the regulatory microinsurance framework.
  • Applying a proactive and flexible approach of testing and learning when developing and implementing microinsurance regulations.