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Developing Principles for the Regulation of Microinsurance (Philippine Case Study)

Gilberto M. Llanto, Maria Piedad Geron and Joselito Almario
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Gilberto M. Llanto: PIDS

Development Economics Working Papers from East Asian Bureau of Economic Research

Abstract: Low income households find it hard to cope with the risks brought about by an illness or injury, death of a family member, man-made calamities and natural disasters. Demand for microinsurance products is growing and both formal and informal microinsurance schemes have started to emerge to address this need. This paper seeks to provide a better understanding of the micro-insurance market in the Philippines and to draw certain principles for micro-insurance regulation from a review of the Philippine experience with micro-insurance. The Philippine experience on the provision of micro-insurance services and the interaction between the insurance providers and the regulator may help inform the development of certain principles for micro-insurance regulation.

Keywords: micro-insurance; regulatory framework; mutual benefit association; Insurance Commission; risk protection; partner agent approach (search for similar items in EconPapers)
JEL-codes: G21 G22 G28 (search for similar items in EconPapers)
Date: 2007-01
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