KARACHI: Mohammed Asif Arif, the Commissioner Insurance SECP has been appointed as the Chairman of the SAARC Insurance Regulators Forum, which will serve as the centre for all activities for extending support and cooperation among the SAARC member countries.
The delegates also deliberated on proposal of easing the visa formalities among the SAARC member countries so as to allow frequent and smooth exchanges of resources and personnel across the borders. It was proposed that chambers of commerce and industry may also be taken into consideration while undertaking cooperation initiatives.
The 2nd SAARC Insurance Regulators’ Meet and International Conference started with the Insurance Regulators’ Meet today which was attended by the representatives of insurance regulatory authorities of SAARC countries including Pakistan, Bangladesh, Nepal, Sri Lanka, Bhutan and Maldives. Other insurance regulators like Turkey, Kenya and Afghanistan also attended.
The meeting is aimed at promoting regional cooperation and support in the field of insurance regulation and supervision. The South Asian Association for Regional Cooperation (SAARC) was developed in 1985 with the objective of enhancing the collaboration and alliance among the SAARC region countries, insurance being one of the prime areas for cooperation.
Two Committees from among the SAARC countries will be formed, each with the task of proposing structure of the Secretariat, and presenting areas of cooperation, respectively. The Committees are expected to present their progress on the assigned tasks within next three months so that the development can be finalized and executed by the end of six months.
The initiative of Securities and Exchange Commission (SECP) to bring together the representatives of SAARC countries for regional cooperation in the field of insurance was welcomed and appreciated by the respective delegates and commitment was made from all sides to extend full support in this respect.
Apart from SAARC countries, the meeting was also attended by the representatives of insurance regulatory authorities of the other regions including Turkey and Kenya. The delegates from the development organizations like The World Bank, Asian Development Bank and the GIZ, Germany also attended the meeting as an expression of their support and appreciation. The practitioners from diversified institutions shared ideas and experiences in their respective areas and expressed their intent to collaborate for meeting the challenges inherent in the insurance industry regulation.
Dr Fatta Bahadur K C, Chairman, Insurance Board of Nepal proposed that the next meeting of the SAARC Insurance Regulators will be held in Kathmandu, Nepal which was unanimously agreed by all participating authorities.