BNM, Thai OIC expand cooperation on insurance business

BANGKOK, December 19 (TNA) - The Bank Negara Malaysia (BNM), the Malaysian central bank and the Office of Insurance Commission (OIC), under the Thai Ministry of Commerce, have agreed to expand their cooperation on the insurance business, covering the policy on taking care of the elderly. BNM Governor Tan Sri Muhammad bin Ibrahim and OIC Secretary General Suthipol Thaweechaikarn have signed a memorandum of understanding (MOU) on the expanded cooperation. Under the MOU, OIC will learn from BNM on the supervision of insurance agents, the management system of compensations to insurees, the application of information technology (IT) to the insurance business, also known as the InsureTech, and the sustainable development of the insurance business. BNM, on the other hand, will learn from OIC the protection of consumers through the operation of its hotline, 1186, the settlement of disputes between insurers and insurees and the insurance policy for rice and other farm products. Besides, the expanded cooperation between BNM and OIC also covers the joint development of the insurance policy for the elderly, after OIC has earlier signed agreements on such the cooperation for the elderly with insurance regulators of Lao PDR, Cambodia and Brunei Darussalam and will soon sign the similar cooperation pacts with Myanmar and Vietnam. (TNA)