Tuesday, June 5th, 2012


Tuesday, June 5, 2012

THE AMBD yesterday hosted a workshop aimed at fostering understanding of a revised insurance core principles amongst representatives from ASEAN nations and regional states.

Mahani Hj Mohsin, the acting executive director (Insurance/Takaful and Capital Market Supervision) of the Autoriti Monetari Brunei Darussalam’s (AMBD) Regulatory Department during her opening speech said that the subject matter is one that is “very near and dear” to all insurance supervisors.

“It’s about understanding the revised insurance core principles set by the International Association of Insurance Supervisors (IAIS) in 2011.

“Our distinguished speakers will be covering 26 Insurance Core Principles (ICPs) combined with self-assessment exercises,” she said in her opening speech of the workshop.

The three-day workshop is attended by a total of 21 participants from the ASEAN member countries as well as representatives from the Maldives, Papua New Guinea and Saudi Arabia.

“Although we have a tight schedule for the next three days, I am confident that all of you here are up for it. In fact, your presence here today signifies each of your country’s commitment to enhance supervisory and regulatory approaches in line with international best practices,” Mahani said.

The acting director explained that the self-assessment programme initiated by the IAIS serves as an excellent tool in understanding individual supervisory strengths and weaknesses.

“Given that there is a range of countries represented here today, I truly believe that this workshop can also serve as an excellent platform of exchanging information and sharing of experiences. Nascent markets such as Brunei can look towards those more experienced markets in resolving unobserved ICPs when formulating their own action plans,” she pointed out.

Mahani added: “At the same time, by forging closer ties, we can also take home a deeper understanding of each other’s supervisory processes and procedures, which is extremely beneficial to regulators in today’s financial markets which are global and cross-cutting.”

“After all, the objective of this workshop is to ensure that our own self-assessment exercises are conducted effectively through the correct interpretation of ICPs and formulation and execution of viable action plans,” she said.

The workshop is organised by the ASEAN Insurance Training and Research Institute (AITRI) based in Kuala Lumpur, Malaysia, and supported by Examination Resources, LLC (US), and is led by two experts on insurance regulatory issues, Bryan Fuller and Robert Kasinow, directors of Examination Resources, of the LLC.

The Brunei Times


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