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Bolivia Launches Inclusive Insurance Regulation to Expand Access to Financial Protection
A Significant Step Towards Increasing Access to Financial Protection for Low-Income Populations
LA PAZ, BOLIVIA - August 2022
The Bolivian Pension and Insurance Supervisory and Control Authority (APS) has launched an Inclusive Insurance Regulation aimed at making insurance products more accessible and affordable for vulnerable segments of the population.
From Capacity Building to Regulation
The journey towards this regulatory milestone began in 2019 when Bolivia participated in the A2ii-IAIS-Toronto Centre Inclusive Insurance Training. The training was instrumental in identifying the need for an inclusive insurance regulation in Bolivia and provided a framework for developing and implementing such a policy.
Key Takeaways from the Training
- The Toronto Centre Methodology helps supervisors and regulators break down the situation, problem or challenge into more manageable steps.
- This methodology is featured in many of the programs delivered by the Toronto Centre and the A2ii.
Implementation Phase
Following the training, the APS developed an Action Plan with the support of the Access to Insurance Initiative (A2ii) and the Toronto Centre. However, the implementation process faced several challenges, including a politically sensitive period in Bolivia and the global Covid-19 pandemic.
Challenges Faced During Implementation
- The pandemic affected timelines.
- Politically sensitive periods in Bolivia hindered progress.
Phase III: Regulation Launch
In April 2022, the APS submitted its version of the Inclusive Insurance Regulation to the A2ii for review and commenting. The authority launched the regulation in August 2022.
Key Features of the Regulation
- Invites all market players to promote the issuance of inclusive insurance products.
- Expands the inclusive insurance market.
Impact and Future Directions
The APS believes that the regulation is an important step towards achieving the inclusion policy of the Plurinational State of Bolivia led by President Luis Arce Catacora and Vice President David Choquehuanca.
Expected Outcomes
- Provides coverage to an entire population that for many years has been unprotected through traditional insurance.
- Increases access to financial protection for low-income populations.
Resources
For more information on the A2ii-IAIS-Toronto Centre Inclusive Insurance Training, please visit the following resources: