XII ICDC concludes: Nepal elected president of AIRDC

March 15, 2000
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Kathmandu, Mar 15: The XII Insurance Congress of Developing Countries (ICDC) has concluded here adopting various resolutions and electing Nepal as the President of Association of Insurers and Re-Insurers of Developing Countries (AAIRDC) and Chairman of Association of Insurance Supervisory Authority of Developing Countries (AISADC) for a term of two years, according to a pres release.

This is for the time first any nation is heading the executive bodies of the two parallel Associations simultaneously.

Chairman of the Insruance Board of Nepal Lava Prasad Sharma will represent Nepal to AISADC and the AIRDC Executive Board, which comprises Nepal, India, China, the Philippines and Bulgaria from Asia and Eastern Europe, Egypt, Morocco, Kenya, Nigeria and Senegal from Africa and Cuba, Argentina, Brazil, Columbia and Mexico from Latin America, the press release says.

“We are greatly pleased to have successfully organised the 12th Congress,” said Sharma of the Congress Nepal hosted for the first time by bringing together around 350 insurance personalities to discuss Facing Challenges in Emerging Insurance Markets of Development Countries. “All 201 foreign delegates were happy to be here.” A hundred and 48 participants represented Nepal during the three-day conference that ended Tuesday.

The 12th ICDC adopted various resolutions that Nepal as the Chair will have to see implemented, said Sharma adding that the thrust of the resolutions was to develop manpower through training and education.

“It is hereby resolved that the member countries exert individual efforts to help themselves or through their industry associations, to raise funds for education with the help of the government and the international organisations that have interest in making the developing countries become a more significant part of the global insurance market,” read a resoluiton.

Other resolutions include: The permanent Secretariat of the AIRDC will take initiatives to prepare a programme of relevant training seminars and secure the cooperation of the international organisations like the UNCTAD, UNDP, WTO or even the international or regional banks to fund the seminars.

The insurance and re-insurance companies will call upon their governments to provide incentives to direct insurers who will expand their insurance protection to the less privileged and security to the sectors of the economy facing higher risks and that the government play the role of re-insurer of last resort for catastrophic losses sustained by the participants, the press statement says.

The management of insurance companies in the developing countries will learn and adopt the method or system that is most appropriate to the cultural factors obtaining, and the social and economic state of their markets so that faster growth of insurance is achieved at the least cost insurred.

Apart from the resolutions, the local insurance companies have benefited from their exposure to and interaction with the international participants, Sharma added. “Nepal as the host country has also benefited from the tourism point of view as well.”