Friday March 31, 2006
Further deregulation in insurance industry
THE Government will introduce more deregulatory and liberalisation measures in the insurance industry.
This will include greater flexibility accorded to foreign insurers to establish branch offices, greater investment management flexibility and removal of limits on management expenses.
In order to promote greater international integration, the Government will issue new licenses and provide greater opportunities to internationally-reputed insurers to acquire equity interests in, or forge strategic alliances with, local players in direct insurance and re-insurance sectors.
There are major growth opportunities in view of an expanding ageing population with increasing wealth levels and the rising awareness of the benefits of insurance.
The industry will therefore need to position itself both financially and in terms of its reputation to meet the increasing demand for insurance.
Greater focus will be given to strengthening the role of market discipline to create an environment of improved customer service and high standards of integrity and professionalism.
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