DBM Approves Creation of Micro Insurance Division

Regulation and supervision for micro insurance providers is expected to further improve with the creation of the Micro Insurance Division for Insurance Commision.

This is according to IC Deputy Commissioner for Financial Examination Ferdinand George A. Florendo in his speech during the 43rd Annual General Assembly of CLIMBS last April 25, 2015 at the Waterfront Hotel in Cebu City

Florendo said the Department of Budget and Management approved the creation of the micro insurance division last month.

“With this, we expect that the regulation and supervision for micro insurance providers will further improve, both in terms of time and quality,” he said.

Florendo also said the IC honors companies like CLIMBS which “is trailblazing in the area of insurance cooperatives and is the best at what it does” by providing them with fair and quality regulation and an enabling environment that allows them to develop and be the best at what they do “while making sure that policy owners that buy their products are equally protected.”

Meanwhile, Florendo also heaped praises for the launching of the book “CLIMBS: Amazing Saga.”

He said with the book, CLIMBS provides access for others to learn the three pillars it adheres to, to sustain its growth – good governance, financial inclusion and infrastructure investment.”

Volume 1 Number 32
April – June 2016 Issue