AMBD Hosts Train­ing Work­shop for Re­gional In­sur­ance Su­per­vi­sors

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The coun­try, through its Au­toriti Mone­tari Brunei Darus­salam (AMBD) hosted the Toronto Cen­tre-Asean In­sur­ance Train­ing and Re­search In­sti­tute (AITRI) Malaysia work­shop on In­ter­me­di­ate On­Site and Off-Site Ex­am­i­na­tions for In­sur­ance Su­per­vi­sors from 6 to 9 May 2013 at the Rizqun In­ter­na­tional Ho­tel in Gadong. The work­shop was sup­ported by the In­ter­na­tional As­so­ci­a­tion of In­sur­ance Su­per­vi­sors (IAIS), Toronto Cen­tre and Asean mem­ber coun­tries. A to­tal of 30 del­e­ga­tions from Asean ex­clud­ing Myan­mar, Laos and In­done­sia as well as non-Asean coun­tries namely Kenya, Ma­cao, Nige­ria, Pa­pua New Guinea and Swazi­land in­clud­ing rep­re­sen­ta­tives from the AITRI sec­re­tariat and speak­ers par­tic­i­pated in the four­day work­shop, which was of­fi­cially opened on 6 May 2013. Present to of­fi­ci­ate the open­ing was the Ex­ec­u­tive Di­rec­tor, In­sur­ance/Taka­ful and Cap­i­tal Mar­ket Su­per­vi­sion, Reg­u­la­tory Depart­ment AMBD, Hjh Ma­hani Hj Mohsin. In her open­ing re­marks, she noted that as in­sur­ance su­per­vi­sors, one of their main roles is to en­sure in­sur­ance com­pa­nies are sol­vent and thriv­ing. “In to­day’s global fi­nan­cial en­vi­ron­ment, it is im­per­a­tive that all stake­hold­ers are able to iden­tify and man­age their risks ap­pro­pri­ately,” she said. “There is a need for su­per­vi­sors in par­tic­u­lar, to un­der­stand the na­ture of the in­sur­ance busi­ness and its as­so­ci­ated risks, in or­der to pro­vide timely as­sis­tance or in­ter­ven­tion and thus the work­shop is a very rel­e­vant topic for all present.” Most in­sur­ance su­per­vi­sors gen­er­ally face con­straints that re­quire the op­ti­mal use of re­sources and the risk-based su­per­vi­sion model dis­cussed in the work­shop will help su­per­vi­sors to fo­cus on key as­pects of a com­pany and to al­lo­cate re­sources ac­cord­ingly. The off-site su­per­vi­sion will mean­while al­low the mon­i­tor­ing and analysing of

risks to form the un­der­ly­ing ba­sis for as­sess­ment of com­pany’s risks and ad­di­tion­ally, with the range of coun­tries rep­re­sented in the work­shop, it will en­able the shar­ing of re­spec­tive su­per­vi­sory prac­tices and help broaden their views as well as en­rich their knowl­edge. Se­nior Vice Pres­i­dent, Head of AITRI Hairul Hilmi Ram­lee in his re­marks noted that the sup­port by the host coun­try in or­gan­is­ing this work­shop has been tremen­dous and in­stru­men­tal to the suc­cess of the event. He added that the work­shop has been con­ducted an­nu­ally since 2007 with the Toronto Cen­tre be­cause it re­mains im­por­tant to knowl­edge and skills for ca­pac­ity build­ing for the in­sur­ance su­per­vi­sors in this re­gion. In this year’s event, the key con­tent and learn­ing ap­proaches have been im­proved and im­pro­vised by their train­ing part­ner Toronto Cen­tre to suit and be in line with the emerg­ing chal­lenges and com­plex­ity of the in­sur­ance mar­kets glob­ally. Par­tic­i­pants, at the end of the work­shop, would be able to ef­fec­tively ap­ply a risk based su­per­vi­sion ap­proach in the su­per­vi­sion and im­prove tech­ni­cal knowl­edge on site and off site ex­am­i­na­tion. They will also be able to ac­quire in­ter­na­tional best prac­tices in su­per­vi­sion in line with IAIS and learn from the ex­pe­ri­ence of oth­ers. AITRI is a non-profit or­gan­i­sa­tion set up by the 10 Asean coun­tries to pro­vide ca­pac­ity build­ing pro­grammes through train­ing and re­search for su­per­vi­sors in­clud­ing pri­vate sec­tor. “We re­ceived strong sup­port from IAIS, World Bank, Asian De­vel­op­ment Bank, Fi­nan­cial Sta­bil­ity In­sti­tute and many oth­ers. For the last two years, we have con­ducted four cour­ses in a year fo­cus­ing on dif­fer­ent train­ing ar­eas in line with the IAIS pri­or­i­ties and the train­ing needs of Asean mem­bers,” Hairul said. He fur­ther pointed out that their pro­grammes do not re­ceive ex­ten­sive fund­ing but de­spite the fi­nan­cial and re­source con­straints, they are pleased to note that they are still able con­duct th­ese cour­ses. Hairul added that this is made pos­si­ble with the sup­port from their in­ter­na­tional part­ner such as Toronto Cen­tre and spon­sors such as IAIS and ex­tended ap­pre­ci­a­tion to Toronto Cen­tre and IAIS for co-fund­ing the course. He also ex­pressed their ut­most grat­i­tude to AMBD for spon­sor­ing the train­ing venue and al­lo­cat­ing ded­i­cated re­source­ful per­son­nel to as­sist AITRI on the lo­gis­tics and ex­pressed hopes that the course will en­rich par­tic­i­pants’ knowl­edge, pro­vide the plat­form to seek ad­vice and clar­i­fi­ca­tion and es­tab­lish new friend­ships with other fel­low su­per­vi­sors.

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