Some of the issues that came out of this presentation include:

• Often the issue around informality is linked to the definition of insurance. In some jurisdictions insurance may exclude categories of providers or products (e.g. benefits provided in kind) relegating these sectors to the informal sector.
• Informality may take several forms and are not always illegal. Supervisors need to understand the nature and structure of the informal market and tailor regulatory responses to the risks posed. In some cases no regulatory action may be warranted.
• If action is warranted there are several ways in which supervisors have sought to facilitate formalisation including tiering and graduation. Ultimately the supervisor may not be able to force formalisation due to limited capacity and need to find ways of incentivising formalisation and developing supervision partnerships with other government functions and private sector infrastructure.
• To download the presentation click here.
• Cenfri also made presentations on innovation (click here) and microinsurance policy imperatives (click here) at this meeting.
• To see the other presentations made at the FSM microinsurance meeting click here.