Provision of agricultural insurance is highly variable, with a deficit for the global rural poor faced with acute climate risk. Regulatory support is an enabler of widened supply of insurance, which can be pro-poor and climate adaptive in manner. The aims of this research are to: (i) assess organic evolution of agricultural parametric insurance provision; (ii) evaluate regulation of agricultural parametric insurance in Tanzania and related contexts; and (iii) construct an idealised regulatory framework to facilitate insurance as a climate risk management tool. This research draws on the launch of the WINnERS pilot programme in Tanzania, supported by literature analysis and interviews with critical market participants. It found parametric insurance regulation to be preclusive in all jurisdictions. Lack of legal certainty for multiple, foundational elements of already implemented parametric schemes prevents growth and deters market appetite. Though there is no suitable framework, there are useful elements indicative of supportive regulation. These are spatially disparate, preventing an individual insurance jurisdiction from building the necessary capacity, supply and demand for viable markets. A framework is presented which is practical and implementable, addressing the issues of regulatory comprehensiveness and coherence. It is intended to facilitate the identification of gaps and barriers as insurance regulators seek to develop the protective and promotive elements of parametric insurance as a public policy imperative.