This regulatory impact assessment in microinsurance (RIAMI) is the first effort of this nature. Drawing on other RIA methodologies, the RIAMI was specifically developed for testing with one of the pioneers in microinsurance regulation, the Philippines.
The researchers from MicroInsurance Centre followed six steps, starting from the rationale and policy objectives (Step 1) then, identified the various impact areas and stakeholders (Step 2). Next, selected indicators on the impact areas and institutions were defined (Step 3). In order to determine regulatory impact and extract lessons, data and information were collected (Step 4). Their analysis provided the basis for the assessment and for determining the impact (Step 5); and for the identification of strategic lessons (Step 6).