The Mutual Exchange Forum on Inclusive Insurance (MEFIN) is a peer network of insurance regulatory authorities in Asia established as a platform for an effective and efficient exchange of relevant knowledge and best practices on inclusive insurance. It was formed in May 16, 2013 through the assistance of the GIZ program on Regulatory Framework Promotion of Pro-poor Insurance Markets in Asia (RFPI Asia) with regulators from six Asian countries who pledged to support inclusive insurance as a strategy for poverty reduction in the region.
The Mutual Exchange Forum on Inclusive Insurance, or MEFIN Network, is a collegial body of insurance policy makers and regulators in Asia. It was formed in May 16, 2013 in Cebu, Philippines when financial inclusion policy makers and insurance regulatory authorities from 6 Asian countries (Indonesia, Nepal, Mongolia, Philippines, Thailand and Vietnam) signed the so called Cebu Declaration jointly with the officers from GIZ (Deutsche Gesellschaft für Internationale Zusammenarbeit) and the Asian Development Bank. The Cebu Declaration is a non-binding document which declares commitment of the signatories to the promotion and development of inclusive insurance (microinsurance) markets. In 2016, MEFIN was transformed into a formal network, with Pakistan as a new member. The Network now serves as a platform of peer-to-peer learning among policy makers and insurance regulators in the region as it develops and implements programs that provide mutual benefit to its members in advancing inclusive insurance solutions. Overall, MEFIN aims to create impacts of regulation and supervision along the dimensions of market development, institutional development and client value for the benefit of the poor.
MEFIN is led by the Regional Steering Committee (RSC) which is composed of one permanent and one alternate member from each network country. The Chair and Vice-chair are annually selected from among the Network members. The RSC creates and supervises Technical Working Groups (TWGs), which currently encompass the topics Regulation and Supervision (TRS), Business Models (TBM), Capacity Building (TCB) and Knowledge Management (TKM). Each TWG is led by a member of the RSC. The Regulatory Framework Promotion of Pro-poor Insurance Markets in Asia (RFPI Asia) Program of GIZ serves as the Secretariat of the Network.
The RSC provides strategic direction to the Network. It develops policies in line with the goal of MEFIN as a platform for an effective and efficient exchange of knowledge and experiences for the promotion of inclusive insurance markets in the region. Meeting twice a year, the RSC approves the Work Plans of the Technical Working Groups and supervises their implementation. It also prepares the Network to sustain itself even after the GIZ RFPI Asia program.
The MEFIN Regional Steering Committee is supported by a Secretariat. Composed of Technical Specialists of GIZ RFPI Asia Program, the Secretariat provides content, technical and administrative backing to the RSC especially in the implementation and monitoring of the Work Plan of the Committee and of the Technical Working Groups.
GIZ RFPI Asia (Phase 1: 2013-2015; Phase 2: 2016-2018) is a program funded by the German Federal Ministry for Economic Cooperation and Development (BMZ). It aims for the promotion of inclusive insurance markets through the implementation of regulatory framework and supervision practices.
Membership to the MEFIN Network is open to regulatory authorities in Asia. With the current membership of Indonesia, Nepal, Mongolia, Pakistan, Philippines and Vietnam, the Network is open for countries which qualify based on a set of criteria.
Interested regulators should express their interest to join the Network through the Regional Steering Committee which does the evaluation and acceptance.