Taiwan Insurance Institute Signed MOU with Philippine Life Insurance Association

Taiwan Insurance Institute (TII) and Philippine Life Insurance Association (PLIA) signed the Memorandum of Understanding (MOU) on March 27, 2019. The MOU is signed in an attempt to facilitate bilateral cooperation and the exchange of information. With the agreement on actively promoting various types of cooperation on a reciprocal basis and in compliance with relevant legal requirements in the jurisdictions of each other, the mutual cooperation between TII and PLIA will mainly focus on sharing of expertise on insurance education and training, hosting seminars and conference, exchanging of up-to-date information on the industry and research findings.

The Taiwan Insurance Institute (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 is authorized by the supervisory authority to develop insurance periodical actuarial statistics. TII is also responsible for conducting professional insurance research, making policy proposals, reviewing insurance products, analyzing international insurance data, promoting risk management and insurance knowledge, and acting as a government think tank. Moreover, TII offers professional training on insurance to cultivate insurance talent and experts. As a multi-functional organization, TII has been actively participating in international affairs to promote international cooperation as well as exchange of information.

Philippine Life Insurance Association established in 1950. By regulation of the Insurance Commission, all life insurance companies operating in the country must be members of PLIA. Currently it has 30 member companies. The objective and purpose of Philippine Life Insurance Association is to promote the growth of the life insurance industry in the Philippines so that it could expand its contribution to the socioeconomic development of the nation; and pursuing this objective

The MOU signed by TII and PLIA will take the mutually beneficial cooperation and interaction further, and concurrently be in tune with the government’s New Southbound Policy 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 PLIA, TII hopes to enlarge its scope of interactions with international institutions and help local insurance industry timely comply with international trends.