AMBD Hosts Training Workshop for Regional Insurance Supervisors
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.