IC chief ap­pointed as trustee in Asean

The Philippine Star - - BUSINESS - By MARY GRACE PADIN

In­sur­ance Com­mis­sioner Den­nis Funa has re­cently been ap­pointed as a mem­ber of the board of trustees of the ASEAN In­sur­ance Train­ing & Re­search In­sti­tute (AITRI).

In a state­ment, the In­sur­ance Com­mis­sion said Funa’s ap­point­ment to the AITRI board was ap­proved by the Min­is­ter of Do­mes­tic Trade and Co­op­er­a­tive and Con­sumerism of Malaysia, and be­came ef­fec­tive last Sept. 27.

“Now more than ever, the im­por­tance of ca­pac­ity build­ing for the in­sur­ance sec­tor com­posed of the in­sur­ance reg­u­la­tors and the in­sur­ance in­dus­try in the ASEAN Re­gion is very much needed in view of the de­vel­op­ments in the in­dus­try brought about by the changes in the econ­omy and ad­vance­ment of tech­nol­ogy,” Funa said.

The AITRI is an en­tity in­cor­po­rated in Malaysia prin­ci­pally in­volved in the pro­vi­sion and pro­mo­tion of in­sur­ance ed­u­ca­tion, train­ing and re­search for in­sur­ance reg­u­la­tors and pri­vate sec­tor par­tic­i­pants from mem­ber-coun­tries of the As­so­ci­a­tion of South­east Asian Na­tions.

It was es­tab­lished in Septem­ber 2000 dur­ing the ASEAN In­sur­ance Reg­u­la­tors Meet­ing (AIRM) as part of the re­gion’s ef­forts to re­store con­fi­dence, re­gen­er­ate eco­nomic growth and pro­mote re­gional fi­nan­cial sta­bil­ity.

The train­ing in­sti­tute was of­fi­cially in­cor­po­rated in 2004 by 10 ASEAN in­sur­ance reg­u­la­tors from the mem­ber coun­tries, in­clud­ing the Philip­pines, with the Malaysian In­sur­ance In­sti­tute as the sec­re­tar­iat.

Ev­ery year, the Philip­pines con­trib­utes $5,000 to the AITRI.

The AITRI man­age­ment board is com­posed of five mem­bers. The five coun­tries with the high­est num­ber of nom­i­na­tions are elected, and their re­spec­tive rep­re­sen­ta­tives serve on the man­age­ment board for three years.


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