Global Capital & Accounting Standards / IFRS 17

During the ASEAN Summit Meeting in 1999, the insurance regulators from the member countries – Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam – mooted the idea to establish an institute to strengthen the regional financial co-operation in the area of human resource development in insurance.

The idea was to close the gap between the more established insurance markets and the teething market in the region through the provision of necessary avenues and accessibility to education, training and research relating to insurance.

Through the establishment of this institute, the more advanced countries will also be facilitated in assisting their less advanced brothers through the transfer of knowledge and technical know-hows.

Towards the aim, the ASEAN Insurance Training and Research Institute (AITRI) was established in September 2000, during the ASEAN Insurance Regulators Meeting, as part of the region’s efforts to restore confidence, regenerate economic growth and promote regional financial stability.

It was officially incorporated on 1st December 2004. The Malaysian Insurance Institute (MII) was mandated as the Secretariat and the Chief Executive Officer of MII was appointed as the CEO of AITRI.

Registered in Malaysia, AITRI has been receiving strong support from various organizations local and international since its inception. To ensure the involvement of each member, the insurance supervisor of the member countries was appointed to be on the member of AITRI Board of Trustees. The Management Board and its Chairman shall be elected every three years by the Board of Trustees.

 To facilitate the growth of a stable, transparent and competitive insurance market, AITRI has been vigorously pushing for the adoption of the International Association of Insurance Supervisors’ (IAIS) core principles. The adoption will ensure the implementation of standardized regulations and practices in the region’s markets, consequently smoothing cross-border collaboration and discussion.