ASEAN Reinsurance Working Committee (ARWC)
Chairman: Delil Khairat, Managing Director PT. Reasuransi Indonesia Utama (Persero)
Vice-Chairman: Huy Vatharo, CEO Cambodia Re
The ASEAN Reinsurance Working Group (ARWG) has proposed concrete refinements to reinsurance regulations that could address the region’s needs for reinsurance schemes.
In the Asian Reinsurance Summit held on July 2017, representatives from most of the national reinsurers in Asia met to discuss reinsurance in Asia and the ASEAN region. Recognizing the need for an official ASEAN channel and forum to support the ASEAN reinsurance integration and harmonization, the representatives signed the Bandung Statement (attached as Annex A) and sought the assistance of the ASEAN Insurance Council Board and Management to create a separate work stream for reinsurance under the auspices of the ASEAN Insurance Council.
The Reinsurance Working committee has been established in 2017 by the ASEAN Insurance Council to:
- Address the need for an official ASEAN channel for high-profile discussions specific to reinsurance among national reinsurers in the region;
- Serve as an avenue for national reinsurers, which are key players in the development of the insurance industry, to craft their responses to various industry issues and their strategies to address such issues;
- Help participants of the ASEAN Insurance Regulators’ meeting engage in more fruitful discussions on reinsurance by providing them the viewpoints of the reinsurers;
- Aid regulators in coming up with more guided decisions which affect both direct insurers and reinsurers; help regulators in harmonizing regulation within ASEAN;
- Promote a healthy and cooperative environment between the different stakeholders in the insurance and reinsurance industry