ASEAN Insurance Council meeting was held in Nay Pyi Taw to create a collaborative work for addressing issues relevant to the supervision and regulation of insurance arena in the region

45th ASEAN Insurance Council (AIC) Meeting is being held in Nay Pyi Taw on Tuesday.

The meeting was organized by the Financial Regulatory Department under the Ministry of Planning and Finance.

The meeting aims to help discern a valuable platform for ASEAN insurance regulators, to exchange views on key developments and to create a collaborative work for addressing issues relevant to the supervision and regulation of insurance arena in the region.

Managing Director, Myanma Insurance, Dr. Sandar Oo said “The meeting discusses the matters relating to insurance sector from respective countries. It mainly includes transnational motor insurance and conducting capacity building training by ASEAN Insurance Education Committee (AIEC). We will implement for it by laying down ASEAN Insurance Education Road Map. We will also discussed about re-insurance process which need collective implementation by the respective countries. We will also find ways to relieve damages caused by natural disasters through insurance process.”

AIC is comprised with the Insurance Associations from ASEAN member countries. This is the first time Myanmar hosting AIC Meeting.

Local industrialists hope to bring great benefits for the public to know more about insurance industry.

Joint Secretary, Myanmar Insurance Association, Soe Win Thant said “We want the public to know the benefit of buying insurance not only for their lives but also for protecting their properties. We hope this meeting could raise awareness about insurance among the public.”

The meeting also hopes to strengthen deeper cooperation among ASEAN member countries for the advancement of inclination to shape healthy and promising insurance market through the dynamic region to the world.

Managing Director, Myanma Insurance, Dr. Sandar Oo said “Insurance industry in our country is in the beginning stage, and we need professionals for this industry. Through this cooperation, we can attend the trainings and seminars conducted in other countries, and also they can come to our country for conducting training. For disaster prevention, there will a pool fund, and we can get assistance if there occured flood, landslide or earthquake in our country.”

Along with the 45th AIC Meeting, a series of meetings for the regulators and practitioners are being held from 23rd to 29th November.

(Myanmar International TV Channel: https://www.myanmaritv.com/news/insurance-industry-asean-insurance-council-meeting-held-nay-pyi-taw )

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