History

The Mutual Exchange Forum on Inclusive Insurance, or MEFIN Network, is a collegial body of insurance policy makers and regulators in Asia with membership from the insurance industry. 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) Regulatory Framework Promotion of Pro-poor Insurance Markets in Asia (RFPI Asia) and the Asian Development Bank. RFPI Asia offered to be the Secretariat of the Network. The policy makers and regulators declared that inclusive insurance markets play a major role in promoting risk protection in emerging and developing economies, and in securing local as well as global financial stability and sustainability. They further declared that inclusive insurance helps reduce poverty and social and economic development through the adoption of globally accepted regulatory and supervisory standards of the insurance industry, particularly the work done by the International Association of Insurance Supervisors (IAIS) in a manner that protects policyholders.

MEFIN eventually opened its membership to other Asian countries. In 2015, Pakistan joined the Network.

In 2016, MEFIN was formalized with an operational structure. It established a Regional Steering Committee (RSC) composed of regulators and four (4) Technical Working Groups (TWGs) which included representatives of the insurance industry as members. The TWGs were created to respond to various concerns, namely: Regulation and Supervision, Business Models, Capacity Building and Knowledge Management. Through the guidance of the RSC, the TWGs started preparing and implementing their respective annual work plans.

Responding to the call for new members, Sri Lanka joined the Network in 2017. In the same year, a TWG for Disaster Risk Insurance was created.