On 20 August 2007, the first consultative meeting for the proposed Micro-insurance Mutual Benefit Association (MIMBA) Project, initiated by the Community Development Finance Coalition, Inc. (CDFCI) was held at the COOPBANK Head Office Board Room in Lucena City.
Representatives from 12 primary cooperatives of Quezon Province, the Quezon Federation and Union of Cooperatives and the Cooperative Bank of Quezon Province, responded to the CDFCI’s invitation to attend this meeting organized by the core group of the MIMBA Project.
During that first meeting, Mr. Epifanio A. Maniebo, General Manager of the Risk Management Solutions, Inc. (RIMANSI) Organization of the Philippines, gave the overview of the MI-MBA Project pertaining to requirements, obligations, and benefits. RIMANSI, which is a technical assistance service provider conducting research on micro-insurance and feasibility studies on establishing MBA, will handle the MIMBA Project and will play a vital role in the establishment of the desired MBA.
A follow-up meeting was held on September 14, 2007 to confirm and finalize the members of the Core Group and their respective pledges in the accumulation of the required P5 M Guaranty Fund and the P350, 000.00 for the pre-operational expense, inclusive of the P250, 000.00 fee for RIMANSI. Some original members of the Core Group begged off per decision of their respective board while others though disallowed by the authority to join swore to assist in the project. Thus, the following is the list of Partner Coops of the MIMBA Project, which are willing to join and contribute:
The parties signed the Memorandum of Agreement (MOA) on January 16, 2008, by and between CDFCI represented by its Chairman of the Board of Trustees, Atty. Jorge B. Vargas, and RIMANSI Organization of the Philippines represented by its General Manager, Epifanio A. Maniebo. The said parties agreed upon the following:
By a concerted effort, the partner-coops complied with the various requirements in accordance with the provisions in the MOA. Having done so, the parties submitted pertinent documents for registration with the Securities and Exchange Commission (SEC).
On November 19, 2008, the SEC formally registered CARE MBA as a Non-Stock, Non-Profit Corporation under SEC Registration No. CN200818098 and with TIN 007-183-560 and was officially named as the Cooperative Alliance for Responsive Endeavor Mutual Benefit Association (CARE MBA), Inc. with postal address at St. Jude MPC Bldg., Cotta Lucena City.
On April 1, 2009, the Insurance Commission issued and awarded CARE MBA Insurance Commission License No. 2009-1-O giving it the authority to transact business as a Mutual Benefit Association.
At present CARE MBA is in the process of member mobilization, and promotion of the products and services being offered, meeting simultaneously the CARE MBA purpose of advancing the interests and promote the cause and welfare of the poor in particular and those of the Philippines in general.