The CARD Mutual Benefit Association (CARD MBA), Inc., the insurance arm of CARD Mutually Reinforcing Institutions (CARD MRI), returns its excess to its longtime members through the Experience Refund and Loyalty Reward.
Section 408 of the Act strengthening the insurance industry known as The Insurance Code states that, “mutual benefit association shall only maintain free and unassigned surplus of not more than 20% of its total liabilities.” CARD MBA is the first mutual benefit association in the country to provide such benefit.
“This is to pay back the trust and confidence of our millions of clients who stayed with our institution for many years,” said CARD MBA General Manager May Dawat. She added that CARD MBA is a transparent institution whose goal is to end poverty in the country.
Members of CARD, Inc., CARD Bank, CARD SME Bank, and Rizal Bank, Inc. – the four microfinance institutions of CARD MRI – are automatically enrolled as members to CARD MBA. The longer their membership in CARD MBA, the better benefits they will receive. Active members who are recognized by the Association before December 31, 2014 are qualified to the Experience Refund while the Loyalty Reward are for active members who have been with the Association for 10 years or more.
“The reward and refund benefit, although not a yearly program because it will depend on the financial health of the Association, is a benefit that we are very happy about. We feel that it is proper to return what is right for the members,” said GM Dawat.
CARD MBA now ensures more than 13 million individuals in the country through extension of the financial assistance to its members and their families in the form of death benefits, medical subsidy, pension, and loan redemption assistance.
CARD MBA will continue to strengthen and improve its microinsurance products and services to help millions of Filipino families improve their quality of lives.