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Superintendencia de Seguros y Reaseguros de Panamá

Superintendencia de Seguros y Reaseguros de Panamá. Latest Trends in Latin America’s Insurance Industry ( Unofficial English Translation ). Trends. Microinsurance Money Laundering control Consumer Advice Mobile Apps. Microinsurance. Defined by :

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Superintendencia de Seguros y Reaseguros de Panamá

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  1. Superintendencia de Seguros y Reaseguros de Panamá LatestTrends in LatinAmerica’sInsuranceIndustry (Unofficial English Translation)

  2. Trends • Microinsurance • Money Laundering control • ConsumerAdvice • Mobile Apps

  3. Microinsurance Definedby: Theamount of thepremiumsorcoverage Target population Definedbythe IAIS as “safeguardinglowincomepopulationagainstspecificrisks in exchangeforthe regular payment of premiums in proportiontotheprobability and cost of theriskinvolved”.

  4. Microinsurance Origins Opportunity International wasfounded in 1971, withtheobjective of offeringfinancing and loanstolowincomepopulation. In 1976, Dr. Muhammad YunusfoundedtheGrameen Bank in Bangladesh, a micro-creditbankthatofferedsmallloanstogroups of poorwomen.

  5. Microinsurance PotentialCustomers: Populationwithincome < USD 2.00 2.6 billion Populationwithincomebetween USD 1.25 and USD 2.00 1.2 billion Customers: Lowor irregular income (Bottom of thePyramid) Nottakenintoaccountbythefinancialsystem and probably has littleknowledgeoninsurance Isgeographicallyfarawayfromthetraditionalinsurancemarket

  6. Microinsurance DistributionChannels MicrofinanceInstitutions Insuranceagentsorbrokers Retailstores Serviceproviders (gas, electricity, water) Cooperative Banks FinancialInstitutions InsuranceCompanies

  7. Microinsurance Barrierstoimplementation A highMinimum Capital Requirement Notknowingwhoisproperlyauthorisedtoselltheproduct Verystrictreportingrequiredbylaw Confusinglegislationbywhichthe legal provisions are unclear

  8. Microinsurance Latin American countrieswhereMicroinsuranceproducts are beingmarketed: Brazil Mexico Peru Guatemala Colombia Bolivia Venezuela Panama

  9. Money LaunderingControls Bysomeestimations, moneylaunderingrepresentsroughly 2% to 5% of theworld’sGrossDomesticProduct (GDP)Algunas estimaciones calculan que el lavado de dinero representa del 2% al 5%, approximately 1.5 to 2 trillion USD annually.(FMI 2001a).

  10. Money LaunderingControls Insurancecontracts are some of thefinancialinstruments at risk of beingused in moneylaunderingoperations. False information, fundsfromillegalactivities, legal loopholes. Inconsistencies in InsurancePolicies.

  11. ConsumerAdvice Publications Adviceduring office hours Social networking Broadcastthroughtraditional media

  12. ConsumerAdvice Mainchallenge of SSRP Makethe “InsuranceServiceConsumer” concept known. (Article 3, LawN°12, 3rd April, 2012)

  13. ConsumerAdvice InsuranceConsumerAdviceProgramwasstartedbymeans of media and seminars WealliedwithAcodecoand Sertvtotakepart in the “Cuida tu Bolsillo” SERTV-ACODECO show Other TV shows : Buenos Días-TVN, Conoce tus Derechos- HOSANNA VISIÓN Radio: Panamá en Positivo- WAO 97.5 Seminars: Tercera Jornada Académica 2012, organisedby Círculo de Estudios Jurídicos de Panamá, PanamaUniversity III ConsumerCareForum“El consumidor frente a los cambios” organisedbyAcodeco SSRP leads theInterinstitutionalFinancialLiteracyGroupwhichwascreated in theframework of theFinancialCoordination Council, preparingthedraft of theprogram “ProtectingInsuranceConsumers” LectureaddressedtograduateCommercialLawStudentsfortheInsuranceRightscourse.

  14. CustomerCare

  15. Mobile Apps Android iOS Otheroperatingsystems (BlackBerry, Symbian)

  16. Mobile Apps Ontheroadassistance InsurancePolicyQuotes InsurancePolicy Status Geo Localisation Direct Access tosome data bases fromtheInsuranceCompany ProcessAutomation OtherServices Possibility of data feedback

  17. Sources • Microinsurance: Análisis de Experiencias Destacables en Latinoamérica y el Caribe • -Luz Andrea Camargo y Luisa Fernanda Montoya • Riesgo de Lavado de Activos en Instrumentos Financieros, Usuarios y Empleados de Instituciones Financieras • -Oficina de las Naciones Unidas contra la Droga y el Delito • El Panorama de los Microinsurance en América Latina y el Caribe: Una Nota Informativa • Michael J. McCord, ClémenceTatin-Jaleran, y MollyIngram del Centro de Microinsurance (BID)

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