The policy making body of the MEFIN network, a network of insurance regulatory authorities in Asia working for a peer-to-peer exchange of knowledge and experiences with the insurance industry, held its second steering committee meeting last 09 December 2016 to set the directions of the Network for 2017. The committee representing the six member countries came together to approve policies, albeit virtually. Representatives from the Financial Regulatory Commission of Mongolia (FRC), Beema Samiti (Nepal), and Securities and Exchange Commission of Pakistan (SECP) sat in their in their respective countries and RFPI Asia II, secretariat to the Network based in the Philippines, sat with the representatives of Insurance Commission (Philippines). Representatives of Otoritas Jasa Keuangan, Financial Services of Indonesia (OJK) and Insurance Supervisory Authority - Department of Finance Vietnam (ISA) were not able to join in the meeting but sent their inputs beforehand. The meeting was ably presided by the Vice Chairperson of the MEFIN RSC, Dr Fatta Bahadur of Beema Samiti.
RSC approved the policies and guidelines for the MEFIN Website, a new platform of exchange and communication among MEFIN members and key instrument to making the network visible to the micro insurance sector. Work plans for 2016 and their way forward were also presented and approved, with each technical working group using red, yellow and green traffic colors to explain status of key activities. Initial ideas and topics for the next public private dialogue (PPD), which will take place mid-March in Hanoi were also tackled. PPD is also a key milestone for the Network as it is the venue where regulators and key industry players come together to shape the micro insurance sector in Asia.
There are modifications in the composition of the members of the RSC given the change in administration in Mongolia and in the Philippines. The RSC members are composed of the heads (and an alternate member) of the insurance regulatory agencies in the member countries. In the Philippines, Attorney Dennis Funa has been appointed by the President as the new head of the Insurance Commission.
He was sworn into office by Finance Secretary Carlos Dominguez (see photo).