The Monetary Authority of Macau (AMCM) will host the 7th Asian Forum of Insurance Regulators (AFIR) in the Macau SAR on 26 – 27 July 2012 at the Grand Hyatt Hotel, Cotai.

This international event will be attended by over 30 insurance regulators from 17 countries and jurisdictions. The opening ceremony has been scheduled for 8:45 in the morning of 26 July 2012.

In addition to the discussions on the recent highlights of the standard-setting and standard-implementation activities in different jurisdictions, this forum will provide an excellent opportunity for insurance supervisors in the Asia-Oceania Region to share supervisory information and, at the same time, strengthen regional ties. Topics for the 7th AFIR include, among others, overview of Insurance Core Principles (ICPs), enhancing observance of the ICPs [Insurance Association of Insurance Supervisors (IAIS) assessments], financial stability, overview of Common Framework (ComFrame), solvency requirement in ComFrame, supervisory process in ComFrame, supervisory cooperation between group-wide supervisors and host supervisors, and strengthening AFIR capacity and regional ties within the Asia-Oceania jurisdictions.

The AFIR was established on 23 May 2005 in Beijing and the AMCM, as one of its founding members, has made concerted efforts to achieve its goals, which are to facilitate the well-balanced development of the insurance markets of the Asian countries with a view to achieving all-round progress of the insurance industry in Asia; enhance the insurance regulatory capacities of Asian countries; strive to maintain financial stability and promote economic growth in order to serve the harmonious development of the society; promote continuous development of the respective insurance markets; and reinforce communication between insurance regulators and supervisors in the region so as to establish a solid foundation for regional stability.