MEMORANDUM OF AGREEMENT
ASEAN INSURANCE COUNCIL
Preamble,
WHEREAS, ASEAN co-operation as originally undertaken by the Governments of Indonesia, Malaysia, Philippines, Singapore and Thailand in the 1967 Bangkok Declaration and the 1976 Bali Concord contains a spirit capable of being adopted by and fostered in the insurance industries of the Region and should therefore also find its manifestation in this industry in particular;
WHEREAS, pursuant thereto the association and organizations of the insurers of Indonesia, Malaysia, Philippines, Singapore and Thailand represented at the Jakarta Meeting of 3-4 April 1978 were desirous to establish a Council as a Non-Governmental Organization of ASEAN and a machinery through which they would deliberate and work to attain that goal;
WHEREAS, thereupon, the representatives established the ASEAN Insurance Council, subject to articles of association as embodied in the original Memorandum of Agreement dated 4 April 1978;
WHEREAS, at the fifth Meeting of The ASEAN Standing Committee held in Bangkok, 23 June 1983, the application of the Council for affiliation to ASEAN has been approved and the Council acquired formal status as an ASEAN Non-Governmental Organizational (N.G.O);
WHEREAS, to the original Memorandum of Agreement, various amendments have since been made, to wit, at the meetings of the Council held in Bangkok on 30 November - 1 December 1982, in Bali on 26-28 September 1983 and in Kuala Lumpur on 10-12 September 1984, and now, in the light of experience in the conduct of affairs of the organizations, certain amendments are considered necessary;
WHEREAS, by virtue of Declaration of Admission, Jakarta, 7 January 1984, Negara Brunei Darussalam has been admitted as the sixth member of the Association of South East Asia Nations, and pursuant thereto, by virtue of Council Resolution passed in Manila on 2-3 October 1985, its national insurance association has been admitted as a member Organization of the Council;
WHEREAS, at the 27th meeting of the ASEAN Insurance Council held in Singapore, August 2001, Vietnam has been admitted as the seventh member of the ASEAN Insurance Council.
WHEREAS, at the 28th meeting of the ASEAN Insurance Council held in Chiangmai-Thailand on 17 December 2002, DAI will be no longer member of AIC therefor Indonesia will be represented by (Asosiasi Asuransi Umum Indonesia/Indonesia General Insurance Association) and AAJI (Asosiasi Asuransi Jiwa Indonesia/Indonesia Life Assurance Association).
WHEREAS, with a view to the various far reaching changes in the situation as above, the Council considers it prudent to now amend the Memorandum of Agreement integrally, but thereby preserve the unaffected parts of the historical Memorandum as much as possible in its original wording;
NOWTHEREFORE, We the understanding Representatives of the Member Organizations of the Council, to wit:
1. General Insurance Association of Brunei Darussalam
2. Asosiasi Asuransi Umum Indonesia/Indonesia General Insurance Association
3. Asosiasi Asuransi Jiwa Indonesia/Indonesia Life Assurance Association
4. Persatuan Insuran Am Malaysia
5. Life Insurance Association of Malaysia
6. Philippine Life Insurance Association, Inc.
7. ISAP , Incorporated (Insurance and Surety Association of the Philippines)
8. General Insurance Association of Singapore
9. Life Insurance Association (Singapore)
10. The General Insurance Association (Thailand)
11. The Thai Life Assurance Association
12. Association of Vietnamese Insurers
Have during the XXIX Meeting of the Council in HANOI 18 - 21 August 2003 unanimously and without reservation agreed, that the ASEAN Insurance Council Memorandum of Agreement shall be integrally amended so as the henceforth read in toto as follow:
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