Taiwan Insurance Institute Signed MOU with Thai General Insurance Association
The Taiwan Insurance Institute (TII) and the Thai General Insurance Association (TGIA) signed a Memorandum of Understanding (MOU) through a virtual session on July 8, 2022. The signing of the MOU is aimed at facilitating bilateral cooperation and the exchange of information. Both TII and TGIA agree to actively promote various types of cooperation on a reciprocal basis and in compliance with relevant legal requirements in each jurisdiction. The cooperation between TII and TGIA would mainly focus on the exchange of personnel, mutually hosting various seminars and conferences, the exchange of up-to-date information on the insurance industry and other related activities.
TII, established in 1985, is a non-profit organization to facilitate safe and sound development of the insurance industry and help promote the interests of the insurer, the insured, and the public. TII’s multi-functions include insurance professional research, training for insurance professional personnel, insurance actuarial rating and statistics, helping review insurance products, and the insurance related financial inclusion education, as well as international cooperation. TII is committed to becoming a unique insurance think tank and a regional insurance training center.
TGIA is a non-profit trade organization from the merger of 3 insurance associations, namely the Thai Insurers Association, the Chinese Insurers Association, and the Foreign Insurers Association. The three organizations jointly filed an application for a new registration under the name of “General Insurance Association” (GIA) on March 6, 1967. On October 17, 2012, the GIA Board agreed to change the association’s name to the Thai General Insurance Association (TGIA) to reflect its standing in the international arena.
TGIA has 52-member companies; 51 non-life licensed insurers and 1 reinsurer. Its mission is to promote and support the non-life insurance industry as a socio-economic pillar of Thailand.
The MOU signed by TII and TGIA will further the mutually beneficial cooperation and interaction, and concurrently be in tune with the New Southbound Policy of the government and the vision to upgrade TII into a regional insurance educational and training center. Through the signing of MOU, such as the one signed by TII and TGIA, TII hopes to enlarge its scope of interactions with international institutions and help the local insurance industry comply with international trends in a timely manner.