More Rural Banks Complete the RBAP-MABS Microinsurance Training Course

IMG_7126Twenty-three bank officers and staff from ten (10) rural banks completed the Basic Microinsurance Training Course conducted on October 13 in Baguio City. The participants successfully passed the examination conducted after the training, which is one of the steps necessary to qualify their rural banks to apply for Microinsurance Agent licenses from the Insurance Commission and the Bangko Sentral ng Pilipinas (BSP). To date, 297 bank officers and staff from 145 rural banks have completed the training.

he course employs learning methodologies that impart the fundamental principles and concepts of microinsurance. Regulatory parameters on how rural banks may sell, market and service microinsurance and the partner-agent model as stated in BSP Memo 015-2011 were discussed during the activity. In addition, BSP Memo 027-2011 stating that clients classified as low-income households [with an annual family income below PhP 206,000 (US$ 4,760)] may now avail microinsurance services was raised at the activity. The course was conducted by Rural Bankers Research and Development Foundation Inc (RBRDFI) with support from the USAID-supported RBAP-MABS Program and the Microinsurance Innovation Facility of the International Labor Organization (ILO).

The course employs learning methodologies that impart the fundamental principles and concepts of microinsurance. Regulatory parameters on how rural banks may sell, market and service microinsurance and the partner-agent model as stated in BSP Memo 015-2011 were discussed during the activity. In addition, BSP Memo 027-2011 stating that clients classified as low-income households [with an annual family income below PhP 206,000 (US$ 4,760)] may now avail microinsurance services was raised at the activity. The course was conducted by Rural Bankers Research and Development Foundation, Inc. (RBRDFI) with support from the United States Agency for International Development-supported Rural Bankers Association of the Philippines-Microenterprise Access to Banking Services Program and the Microinsurance Innovation Facility of the International Labor Organization (ILO).