INSURANCE Commissioner Dennis B. Funa has been appointed as a member of the board of trustees of the Association of Southeast Asian Nations (Asean) Insurance Training & Research Institute (AITRI) emphasizing the need to strengthen the insurance sector within the region.
According to the Insurance Commission (IC), Funa’s appointment to the AITRI board of trustees, which became effective last September 27, was approved by the Minister of Domestic Trade and Cooperative and Consumerism of Malaysia.
“I am honored to be appointed as one of the members of the board of trustees of the AITRI,” Funa said.
An entity incorporated in Malaysia, AITRI is principally involved in the provision and promotion of insurance education, training and research for insurance regulators and private-sector participants within Asean member-countries.
The institute 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.
As of 2016, the AITRI is headed by its Chief Executive Officer Dato Syed Moheeb Syed Kamarulzaman. The annual contribution of the Philippines to the AITRI amounts to $5,000.
“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,” he added.
The AITRI Management Board is composed of five members, one of whom is designated as the chairman. The five countries with the highest number of nominations are elected, and their respective representatives would serve on the Management Board for a term of three years.
The election of the AITRI Management Board is done during the AIRM, with the last meeting happening in November 2017 in Lao PDR. The 21st AIRM is scheduled to be held in November 2018 in Kuala Lumpur, Malaysia.