Prudential Regulation and Risk Management in Life Insurance (20-25 Feb 2005)

The need to improve financial stability and management in the APEC region is widely recognised. The recent introduction of new standards for prudential management of financial institutions has broadened this requirement. There is a broad demand for development internationally agreed standards and codes of best practices that could be applied consistently across financial institutions and jurisdictions in key financial sectors, including banking, insurance, securities and pensions.

The Australian APEC Study Centre of Monash University in collaboration with the Department of Finance at the University of Melbourne and experts in the financial industry* have developed a training program for the Asian Development Bank to assist regulators and industry. This training program is designed to assist regulators and industry in the Asia Pacific region to develop their understanding of new financial standards and the practical issues involved in implementing them.

The training program was held on Sunday, 20th – Friday, 25th February 2005.

The cost of nominating participants to this training program was greatly decreased. The costs of Faculty and the Academic program were generously provided by the ADB. Therefore the only costs associated with attendance at this training program were the necessary travel and accommodation costs.

This course was an extension of the very successful three year training program, the Managing Regulatory Change in Life Insurance and Pensions Training Program, run by the Centre under the auspices of the APEC Finance Ministers with the support of the ADB, the Australian Government’s Aid Agency, AusAID, the Department of Finance of the University of Melbourne and Australian public and private sector organisations. To date this program has trained more than 150 regulators in the Asia Pacific.

Program