1. The Sixteenth Meeting of the ASEAN insurance Commissioners was held in Manila, Philippines from 2 to 4 October 1990. It was attended by the ASEAN Insurance Commissioners and delegates. Representatives from the Interim Technical Secretariat were also in attendance. Special sessions were held separately with the Chairman of the Committee for Mortality Studies of Assured Lives and the ASEAN Insurance Council.

  2. The Brunei Darussalam delegation was led by Mr. Hj Abu Bakar Bin Hj Mohd Tahir, the Indonesian delegation by Mr. Wibowo Wirosudiro, the Malaysian delegation by Dr. Jaafar Ahmad, the Singapore delegation by Mr. Law Song Keng, the Thai delegation by Mr. Sermsak Suwannakarn, and the Philippine delegation by Ms. Adelita A Vergel de Dios.
  3. The Acting Secretary of Finance Tomas V. Apacible, on behalf of the Honourable Jesus P. Estanislao, Secretary of Finance of the Philippines, in declaring the Meeting open, emphasized the important role played by the insurance industry in providing funds needed to finance the growth and stability of the economy. He considered the annual meeting of ASEAN Insurance Commissioners as an important forum to address problems of mutual concern and cited its various successful undertaking. He also noted the participation of the private sector and expressed hope that such participation would be intensified. He cited the need to give the issue on trade in services serious thought and welcomed the inclusion of agenda items on “Bold and Innovative Approaches for the 1990s”, health maintenance organizations, pre-need plans and foreign currency denominated plans.
  4. The Leader of the Philippine delegation, Ms. Adelita A. Vergel de Dios, and the Leader of the Thai delegation, Mr. Sermsak Suwannakarn, were elected Chairman and Vice-Chairman of the Meeting, respectively.
  5. The Meeting reviewed the progress made in the implementation of the various activities since the Fifteenth Meting and expressed satisfaction over the achievements made in such areas as mortality studies of assured lives and insurance education and training of insurance supervisory staff.
  6. The Meeting commended the ASEAN Insurance Council for their active participation and contribution to ASEAN cooperation. The Meeting agreed to support the various activities undertaken by the Council.
  7. In response to the directive of the 21 AEM on the “Bold and Innovative Approaches in the 1990s”, the Council. presented a paper on “New Areas of ASEAN Insurance Cooperation in the 1990s”. The Meeting had a joint discussion with the Council on the matter and agreed in principle to support the following initiatives:

    a. Encourage increased capitalization of domestic insurers through cross holding of shares among ASEAN insurers;

    b. Develop a 1-year course in insurance management; and

    c. Encourage joint development among ASEAN insurers in the use of computer systems and technology.

  8. The Seventeenth Meeting of the ASEAN Insurance Commissioners will be held in Thailand in November 1991.

  9. The delegations from Brunei Darussalam, Indonesia, Malaysia, Singapore and Thailand expressed their sincere appreciation and thanks to the Government and people of the Philippines for the warm and cordial hospitality extended to them and for the excellent arrangement made for the Meeting.

  10. The Meeting was held in the traditional spirit of ASEAN solidarity and cordiality.