BANGKOK, November 25, 2016 ¨C The of Thailand and the ÐÓ°ÉÂÛ̳ signed yesterday an agreement for the ÐÓ°ÉÂÛ̳ to provide advice to the Office of Insurance Commission, on a reimbursable basis, on the development of the insurance market in the country.
Under this first Reimbursable Advisory Services Agreement between Thailand and the ÐÓ°ÉÂÛ̳, the Bank will support the Office of Insurance Commission¡¯s self-assessment of current insurance regulatory and supervisory practices and provide advice on the consistency with international standards. This work of the Office of Insurance Commission, with ÐÓ°ÉÂÛ̳ support, aims to foster an environment in which the insurance industry can efficiently expand and grow, and better protect the poor against risks and catastrophic loss.
¡°The agreement is an important step which will provide us with a committed approach to working more closely together,¡± said Dr. Suthiphon Thaveechaiyagarn, Secretary General of the Office of Insurance Commission. ¡°ÐÓ°ÉÂÛ̳¡¯s knowledge, expertise and experience on insurance business and supervision standards will allow us to develop in accordance with international standards.¡±
¡°The development of a strong insurance market is an opportunity for Thailand to improve and protect people¡¯s lives and property, while increasing incomes and creating jobs,¡± said Ulrich Zachau, ÐÓ°ÉÂÛ̳ Country Director for Thailand. ¡°ÐÓ°ÉÂÛ̳ is pleased to support the Office of Insurance Commission in strengthening the insurance sector in Thailand.¡±
The Reimbursable Advisory Services are programs offered by the ÐÓ°ÉÂÛ̳ to middle and high-income countries, at their request, to provide technical advice, analytical services, and implementation support.
