Draft Agenda (as of May 07, 2013) Responsible Finance Forum IV: Consumer Protection in Emerging Insurance Markets Berlin, 24 th 25 th June 2013

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1 st Day 24 th June 2013 Draft Agenda (as of May 07, 2013) Responsible Finance Forum IV: Consumer Protection in Emerging Insurance

Parliamentary State Secretary, Federal Ministry for Economic Cooperation and Development (BMZ), Germany Elke Washausen-Richter, Executive

Global Partnership for Financial Inclusion and Financial Education and Financial Literacy Project Coordinator, Ministry of Finance,

responsible finance, presenting the Global Mapping Report conducted by IFC and GIZ / BMZ on behalf of the Community of Practice.

Founder and past President, Microfinance Opportunities Kate McKee, Senior Advisor on consumer protection and responsible finance,

1 1 st Day 24 th June 2013 Draft Agenda (as of May 07, 2013) Responsible Finance Forum IV: Consumer Protection in Emerging Insurance Markets Berlin, 24 th 25 th June :30 11:00 am Registration 11:00 12:00 am Welcome and Keynote Address Welcome: Gudrun Kopp, Parliamentary State Secretary, Federal Ministry for Economic Cooperation and Development (BMZ), Germany Elke Washausen-Richter, Executive Director, Federal Financial Supervisory Authority (BaFin), Germany Keynote Speaker: Anna Zelentsova (tbc), Russian Co-Chair of the G-20 Global Partnership for Financial Inclusion and Financial Education and Financial Literacy Project Coordinator, Ministry of Finance, Russia tbd 12:00 12:45 pm Session I: Progress in Responsible Finance Introduction: The session will give an overview on recent trends in responsible finance, presenting the Global Mapping Report conducted by IFC and GIZ / BMZ on behalf of the Community of Practice. Heather Clark, Microfinance Consultant, former Director of UN Capital Development Fund s Special Unit for Microfinance Monique Cohen, Founder and past President, Microfinance Opportunities Kate McKee, Senior Advisor on consumer protection and responsible finance, Consultative Group to Assist the Poor (CGAP) Eliki Boletawa, Policy Manager, Alliance for Financial Inclusion (AFI) Vijayasekar Kalavakonda, Senior Insurance Specialist, IFC

2 12:45 1:45 pm Lunch Break 1:45 2:45 pm Session II: Pure Intentions and Practice: Challenges in Consumer Protection in Microinsurance The session will introduce the topic of consumer protection in microinsurance and highlight the main challenges that arise. Tensions include those between protection and the cost of that protection through measures required for training, disclosures to policyholders, reporting and supervision, procedural requirements, and other consumer protection efforts. Another is the tension between flexibility and appropriateness, on one hand, and simplicity and standardization on the other, arising in product design, documentation and disclosures, and channels for complaints and redress. These and other tensions lead to difficult tradeoffs between different elements of consumer protection, all of which should be considered before any one measure is relaxed, strengthened, or otherwise changed. The Microinsurance Network has recently commissioned a study on the challenges and best practices in consumer protection in microinsurance. The authors of that study will discuss the findings with the two countries that were taken as cases for the study. Brigitte Klein, Head of Sector Project Financial Systems Approaches to Insurance, Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), and Chair, Microinsurance Network Taskforce on Consumer Protection Authors of the Paper (tbd) Colombia (tbd) (Insurance Supervisor or Industry Association) Philippines (tbd) (Insurance Supervisor or Industry) 2:45 3:30 pm Session III: How the IAIS supports consumer protection efforts The International Association of Insurance Supervisors (IAIS), the global standard-setter of insurance, will present how they support their member countries in addressing the issue of consumer protection. A large part of IAIS member countries are emerging markets and developing countries with a huge access gap among their population. The IAIS has a body of globally accepted insurance standards, the Insurance Core Principles, which include standards on consumer protection. The IAIS addresses the particularities of access by applying the proportionality principle. The IAIS has recently adopted an Application Paper on Regulation and Supervision Supporting Inclusive Insurance Markets. It will guide supervisors in responding to the challenge of achieving inclusive insurance markets while protecting consumers and ensuring stability. Furthermore, the IAIS is now developing a paper on market conduct, distribution and consumer protection from an inclusion

3 Presenter: perspective. George Brady, Deputy Secretary General, International Association of Insurance Supervisors (IAIS) 3:30 4:00 pm Coffee break 4:00 5:30 pm Session IV: Industry led Initiatives on Consumer Protection Insurers increasingly see the business potential of microinsurance. They have taken the initiative in the innovation of products, delivery models and administration in countries like South Africa, India or the Philippines, where those business models have been tested for more than a decade now. Despite this, insurers are still more familiar with higher income segments and thus may not be conscious of the specific needs of the lowincome segment. Even though the supply of insurance is growing, demand is often slower, as an insurance contract requires trust, i.e. the conviction of the client that his needs are understood and respected. Providing value has been broadly accepted by industry today, as only this allows long-term viability. The session will present best practices of the industry. It will also discuss how to move beyond good intentions at the individual provider level and how voluntary industry agreements can become an effective complement to formal regulation. Kate McKee, Senior Advisor on consumer protection and responsible finance, Consultative Group to Assist the Poor (CGAP) Martin Hintz, Head of Microinsurance, Allianz Group, Germany Luis Felipe Derteano Marie (tbd), Chairman, Grupo ACP, Peru Juan Pablo Arango (tbc), Deputy Delegate for Institutional Supervision, Superintendencia Financiera de Colombia (SFC), Colombia Dr. Jaime Aristotle B. Alip (tbd), Managing Director, CARD, Philippines Evening Dinner Reception

4 2 nd Day 25 th June :00 11:00 am Session V: Consumer Protection Regulation in different countries Effective regulation in the context of consumer protection supports market conditions that increase consumer confidence and sustainability at both demand and supply side. Supervisors task is the protection of clients from market conduct failures and the monitoring of insurers financial state. The objective is to find an equilibrium between consumer protection and over-protective regulations. Each Panel shall bring together supervisors as well as representatives of industry associations or insurers. Possible areas of discussion: - Defining priorities of consumer protection regulation: What areas should regulators and supervisors focus on given the implications for consumers at the base of the pyramid and their limited resources (financial / human)? - Intermediation Challenges: Mitigating consumer protection risks of innovative channels and potential aggressive/inappropriate marketing and sales conduct (including that motivated by intermediary incentives) - Product Challenges: Consumer protection and value-formoney dimensions of credit life insurance, loyalty products, value of products, achieving scale, ensuring voluntary uptake, motivating demand, standard products Jonathan Dixon, Deputy Executive Officer: Insurance, Financial Services Board (FSB), South Africa Panel on Product and Intermediation Challenges Daniel Schydlowsky, Superintendent, Peruvian Superintendency for Banking, Insurance and Private Pensions (SBS), Peru Roberto Junguito, Executive President, Fasecolda (Insurance Association), Colombia Yegnapriya Bharath (tbc), Joint Director, Consumer Affairs, Insurance Regulatory and Development Authority (IRDA), India Arup Chatterjee (tbc), Senior Financial Sector Specialist (Insurance and Contractual Savings), Asian Development Bank Israel Muchena (tbd), Technical Director, Hollard, Mozambique 11:00 11:30 am Coffee Break

5 11:30 12:45 pm Parallel Session VI: Improving Consumer Capability Insurance can only contribute to reduced vulnerability if consumers are able to make effective use of a product as a riskmanagement tool. This requires (potential) consumers to be capable to take informed decisions about whether to purchase insurance and when and how to use it. This requires both product-specific information and broader financial literacy. The forum seeks to identify effective approaches and to discuss the roles of the different actors. Questions that could be discussed include: - What "degree" of education will help to deal with abusive practices prevalent in the industry in the shortest, most costeffective, and practical way? - What works: Which delivery channels of financial education are most effective? - What toolkits can be used to evaluate financial capability interventions in the low-income country settings? Session VIa: Improving consumer capability what approaches really work? Session VIb: Evaluating financial capability interventions Craig Churchill, Chair, Microinsurance Network, and Team Leader, ILO s Microinsurance Innovation Facility Aysen Kulakoglu (tbc), Head of Department, General Directorate of Foreign Economic Relations, Undersecretariat of the Treasury, Turkey Alyna Wyatt (tbd), Manager, Financial Education Fund, South Africa Barry Scott (tbd), Chief Executive, South African Insurance Association (SAIA), South Africa S. Balasubramniam (tbd), CEO Insurance, Dhan Foundation, India Douglas Pearce (tbc), Manager, Financial Inclusion Practice, World Bank Flore-Anne Messy (tbc), Principal Administrator, Directorate for Financial and Enterprise Affairs, Organisation for Economic Cooperation and Development (OECD) 12:45-1:45 pm Lunch Break

6 1:45 2:15 pm Reporting Back from the Parallel Sessions on Financial Capability Interventions 2:15 3:00 pm Conclusion Outlook Panel The Forum will close with reflections on proposed action steps for the Community of Practice and an outlook to the next Responsible Finance Forum. Marcel Beukeboom or Aaltje de Roos, Ministry of Foreign Affairs, Netherlands Jonathan Dixon, Deputy Executive Officer: Insurance, Financial Services Board (FSB), South Africa Lory Camba, Program Manager, Responsible Finance, IFC Representative of Australia (tbd), G20, Australia Concluding Remarks Speaker: Susanne Dorasil, Head of Economic Policy and Financial Sector Division, Federal Ministry for Economic Cooperation and Development (BMZ), Germany Conference language will be English only.

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