Vientiane, 18th October 2017 – Department of State Owned Enterprise Management and Insurance, Ministry of Finance organized a consultation workshop on the Insurance Operational Regulations for stakeholders in the insurance sector in Lao PDR.

The workshop was chaired by Mr. Sonephet Inthavong, PhD, Deputy Director General of Department of State Owned Enterprise Management and Insurance, and co-chaired by Mr. Adrianus Vugs, Insurance Supervisory Consultant. Over 50 participants from insurance companies and relevant parties attended the workshop.

 

In the consultation workshop, Mr. Sonephet Inthavong, PhD presented the overall situation of insurance section in Laos as well as explaining the necessity of drafting regulations. Following by the presentation of Mr. Adrianus Vugs, which focused on key features of insurance operational regulations, for example, requirements for reserves; prescribed reserving methods for non-life insurers; solvency requirements and reporting requirements.
 
During the workshop, Mr. Sonephet Inthavong, PhD and Mr. Andrianus Vugs arranged a discussion session with the participants. A number of comments and opinions provided by participating insurance firms such as Allianz Insurance, Thippaya Insurance, Lao-Viet Insurance etc towards the draft regulations. For instance, clarifying some regulation contents; setting up standards for insurance tax, premium and reserve requirements; setting up standards for report mechanism; and reformulating some regulations in accordance with the business environment of insurance sector in Lao PDR.

At the end of the consultation, Mr. Sonephet Inthavong, PhD thanked the participants for their comments and point of views for the draft of insurance operational regulations. He also sincerely thanked the Second Trade Development Facilitaty Project as well as the project’s contributors for the financial support.

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