This study explores how the financial regulator through interaction with the long-term insurance industry can give effect to greater market inclusion and financial stability. It follows a qualitative approach and we interview both industry representatives and the regulator. The results show that there is a possible tension between the regulatory objectives of market stability and financial inclusion and that an unbalanced focus on either objective could adversely affect the other. It suggests that the best way to ensure this balance is for industry, the regulator and government to coframe issues, rather than being obliged to rely on the regulator to draft regulation in isolation. The entry level (base of the pyramid) insurance market may require a different paradigm to ‘usual’ insurance constructs and this requires a more innovative approach from all stakeholders. The findings highlight strategic measures that may assist regulators in giving effect to greater market inclusion without prejudicing the stability of the market.

中文翻译：

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追求市场稳定和金融包容性与长期保险业的监管互动

本研究探讨了金融监管机构如何通过与长期保险业的互动来实现更大的市场包容性和金融稳定性。它采用定性方法，我们采访了行业代表和监管机构。结果表明，市场稳定和金融普惠的监管目标之间可能存在紧张关系，并且对一个目标的不平衡关注可能会对另一个目标产生不利影响。它表明，确保这种平衡的最佳方法是让行业，监管机构和政府共同解决问题，而不是必须依靠监管机构孤立地制定法规。入门级（金字塔基）保险市场可能需要与“通常的”保险结构不同的范例，这需要所有利益相关者采取更具创新性的方法。调查结果强调了可以帮助监管机构在不损害市场稳定性的情况下实现更大市场包容性的战略措施。