Proposed Micro-insurance to Benefit The Most Vulnerable

• The Government is seeking to ensure that wide-ranging legislative and product provisions being targeted for implementation and delivery under the proposed Micro-insurance Bill redound to the benefit of all Jamaicans, especially the most vulnerable. 
• Micro-insurance looks to assist low-income persons by offering insurance plans tailored to their needs. Key among the provisions, is the fit and proper requirements for potential service providers, who have to be registered. The Minister of Finance said in addition to defining micro-insurance and specifying the relevant products to be offered, the legislation will require that these offerings have stipulated minimum terms and conditions and that all be administered under formal contractual arrangements. 
• Clarke maintained that this will be crucial to properly service the market where incomes are in a number of instances low and there are a lot of demands on income. The legislation will require that claims be resolved and paid out within five days, so that the experience of the insured is such that the micro-insurance is seen as one that adds value. 
• Work on the Bill’s development is currently advanced, and it is expected to be tabled in Parliament before the end of the 2021/22 fiscal year, on March 31, 2022. It is anticipated that the legislation will be passed during the 2022/23 fiscal year, which starts on April 1, 2022. 
• The development and implementation of a micro-insurance policy framework forms part of the Government’s thrust to broaden the base of the economy and deepen its inclusiveness by making insurance accessible to all Jamaicans.

(Source: JIS News)