Indonesian Insurer Requests Cooperation Within Region.The head of a leading Indonesian insurer has suggested that more regional cooperation, including political cooperation, is needed to help the insurance sector maximize its competitive advantages. "Regional cooperation is another way to build competitive advantage, but to succeed, it needs a strong regionalistic platform," said B. Munir Sjamsoeddin, president director of Indonesia's biggest general insurer, PT. Tugu Pratama Indonesia. He suggested raising the political dimension to help emerging-market insurers cope with the new, globally competitive environment. "More regional political cooperation" is essential, he said, adding that "the platform is there, but it's so weak." This was a reference to the Association of South East Asian Nations Noun 1. Asian nation - any one of the nations occupying the Asian continent Asian country country, land, state - the territory occupied by a nation; "he returned to the land of his birth"; "he visited several European countries" Insurance Council, of which Sjamsoeddin is chairman, although he said his comments were his personal view. The council to date has been more of a communication forum, rather than a lobbying group or a trade association. Whatever the political future, the economic precedent isn't good. Five countries set up ASEAN ASEAN: see Association of Southeast Asian Nations. ASEAN in full Association of Southeast Asian Nations International organization established by the governments of Indonesia, Malaysia, the Philippines, Singapore, and Thailand in Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. Co. in the late 1980s. It was dissolved dis·solve v. dis·solved, dis·solv·ing, dis·solves v.tr. 1. To cause to pass into solution: dissolve salt in water. 2. after 10 years because business didn't materialize--in part because the ASEAN spirit wasn't strong enough to encourage trust from insurers, he said. Takahiro Yasui, principal administrator of the Outreach Unit for Financial Sector Reform at the Organization for Economic Cooperation and Development Organization for Economic Cooperation and Development (OECD), international organization that came into being in 1961. It superseded the Organization for European Economic Cooperation, which had been founded in 1948 to coordinate the Marshall Plan for European , said it was "too expensive for society to lose the benefits of globalization globalization Process by which the experience of everyday life, marked by the diffusion of commodities and ideas, is becoming standardized around the world. Factors that have contributed to globalization include increasingly sophisticated communications and transportation ." He suggested that the insurance sector practice financial prudence, especially with regard to investment; extensive staff training; and affiliation with international groups. |
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