The South Asian Insurance Regulators’ conference concluded today in Dhaka stressing the need to establish a South Asian Association for Regional Cooperation (SAARC) Insurance Regulators’ Committee for cooperation among the member countries and to help each other.
"Insurance industries in the South Asia are facing various challenges also due to globalisation and an economic crisis," they said at the concluding session of the two-day conference. The conference also called to strengthen the bonds between insurance companies and industry regulators in the region to face the global challenges unitedly.
The first conference of the insurance regulators of eight SAARC nations organised by Insurance Development and Regulatory Authority of Bangladesh in cooperation with Federation of State Organisations of SAARC countries under the theme ‘The Way Forward in the Wake of Global Reality’, saw participation from the regulators from five — Bhutan, India, Nepal, Pakistan and Sri Lanka — SAARC countries, among the eight.
The participants also stressed the need to establish a reinsurance company among the member countries that would cater to the needs of reinsurance and co-insurance of the insurance companies in the region.
The second SAARC Insurance Regulators’ conference will be held in Pakistan in 2014, according to the organiser.