Pakistan to chair important insurance body in 2017

ISLAMABAD: The Securities and Exchange Commission of Pakistan on Friday announced that Pakistan will have the privilege of chairing the Mutual Exchange Forum on Inclusive Insurance Network (MEFIN) for the year 2017.

MEFIN is a peer network of insurance policymakers and regulators in Asia. The regulators from Indonesia, the Philippines, Vietnam, Nepal, Mongolia, and Pakistan pledged to support inclusive insurance as a strategy for poverty reduction in the region.

It has been established as a platform for an effective and resourceful exchange of applicable knowledge and best practices on inclusive insurance.

Now, the network serves as a platform of peer-to-peer learning among policy makers and insurance regulators in the region as it develops and implements programmes that provide mutual benefit to its members in advancing inclusive insurance solutions.   GIZ Regulatory Framework Promotion of Pro-poor Insurance Markets in Asia (RFPI Asia) supports the network with expertise provided by the International Association of Insurance Supervisors through the Access to Insurance Initiative to build capacity of insurance supervisors.

The second MEFIN Public Private Dialogue (PPD) was conducted in Hanoi, Vietnam, from March 14 to March 16, together with Munich Re Foundation and Microinsurance Network. Organisational meeting of MEFIN regional steering committee and learning sessions on microinsurance also took place.

The PPD included regulation and supervision, distribution and technology, and financial literacy/education. The learning sessions included Disaster Risk Insurance for SMEs and agriculture, and health. This was followed by workshop on Microinsurance Development Roadmap for Asia-Pacific Emerging Markets (co-organised by APEC and ABAC).   It is imperative for Pakistan to ensure synergy among regulators, as it is the key to taking the network’s mission and strategic alliance to the next level.