Supervisor’s perspectives on the rationale, design and implementation of regulation
The Proportionality in Practice Case Studies (PIP Case Studies) aim to provide practical guidance on how regulations have been implemented in a proportionate manner in order to achieve access to insurance and other insurance development goals, while being in line with the Insurance Core Principles. It is an effort to systematically collate practical examples from supervisors who have implemented or begun the process of implementing such proportionate regulations, and generate lessons from their experience.
This paper looks at proportionality in regulations relating to the disclosure of information to the customer by drawing on the experiences of Brazil, Pakistan, Peru and El Salvador. The case studies in the paper examine the practical aspects of disclosure in which proportionate regulatory treatment can be accorded in order to encourage the industry to offer inclusive insurance while ensuring consumer protection. Specifically, the case studies cover mode, documentation, language, timing and content of disclosure.