Circulars S-8.1 and S-2.1 of the National Insurance and Finance Commission were modified on 23 January 2008. The modifications regulate micro insurance, which aims to promote the access to insurance of low income population through low distribution and operational costs in the life, property, accident and illness sectors.
The amounts insured in micro insurance policies are minimal, with a maximum limit of US$ 5,000-8,000. Property policies have a monthly premium of around US$ 7. It will be possible to set up systems for mass marketing and collection of premiums. The market for micro insurance is estimated in about 30 million consumers.