IB, GIZ partner to promote micro insurance
KATHMANDU, AUG 13 -
The Insurance Board (IB) and German Development Cooperation (GIZ) agreed to forge a partnership to improve the insurance market, with particular focus on micro insurance.
The board signed a memorandum of agreement with the GIZ Regulatory Framework Promotion of Pro-poor Insurance Markets in Asia (RFPI Asia) to promote micro-insurance or insurance for low-income citizens.
The partners will develop appropriate regulations to bridge the gaps among public and private institutions involved in the delivery of insurance products and services, according to a GIZ RFPI Asia statement.
It said the board and GIZ RFPI Asia would focus on formulating directives that would spur micro insurance product development and distribution, while building capacities of personnel to be involved in its development and increasing awareness of insurance are other priorities.
“Micro insurance is still in the early stages in the country. We need to promote its development as part of our national poverty alleviation strategy,” IB Chairman Fatta Bahadur KC said.
To lay the foundation of the micro insurance market, the Board has developed the 2013 Micro Insurance Regulation which is currently being reviewed by the Ministry of Finance. It includes mandatory provision for all insurance companies to engage in micro insurance. “We have witnessed the passion and commitment of the Insurance Board and the private sector to promote pro-poor insurance in Nepal. GIZ RFPI Asia is similarly committed to providing the technical assistance needed to achieve our common goal,” expressed Program Director Antonis Malagardis.
GIZ RFPI Asia is a regional program funded by the German Federal Ministry for Economic Cooperation and Development (BMZ) and aims to enhance the insurance regulation and supervision environment in selected Asian countries.
“Our support to the Insurance Board will be compliant with international standards set by the International Association of Insurance Supervisors (IAIS) and supported by the Access to Insurance Initiative (A2ii), said Malagardis.
Source: The Kathmandu Post
