Belize Rolls Out Microinsurance Regulations

The government has introduced new microinsurance regulations under the 2023 Insurance Act. These regulations aim to expand access to affordable insurance solutions for low-income individuals and those in the productive sector, offering a safety net against life’s unexpected risks.

According to the Office of the Supervisor of Insurance and Private Pensions (OSIPP), the microinsurance regulations are designed with simplicity and accessibility in mind, featuring easy-to-understand policy language and affordable pricing while preserving essential coverage features.

It said this approach ensures that even the most vulnerable populations can benefit from financial protection without being overwhelmed by complex terms or high costs.

Key provisions of the new regulations include rules for product development, clear guidelines for information sharing before contracts are signed, and procedures for servicing policies, handling claims, and addressing complaints. The framework also encourages the use of innovative distribution channels, enabling the delivery of microinsurance products to residents in remote or underserved areas across the country.