Dr. Suthiphon Thaveechaiyagarn, the OIC Secretary-General referred that Thailand will host “The 23rd ASEAN Finance Ministers Conference” in 2018, under the theme "Advancing Partnership for Sustainability," with three focus areas (under Chair's priorities) including Connectivity, Sustainability, and Resilience. Thai Finance Minister shall preside the Conference. The OIC has proposed the plans aligned with the core idea beneficial to ASEAN countries to the 23rd ASEAN Finance Ministers Conference Preparatory Committee and other associated meetings. The November 16 committee’s meeting agreed to include the ASEAN microinsurance product as proposed by the OIC to be part of the driving issues in the Conference. The proposal is in line with the area of Sustainability, and the AEC Blueprint 2025, on part of strategy A4: The Consolidation of the financial sector and The Office of Insurance Commission”. The Office OIC’s Board Meeting session No.13/2561 on November 24, 2018, at Mae Sot district, Tak province, has been notified of this matter.
The ASEAN microinsurance product plan is the development of insurance products standard for all ASEAN countries with the same coverage conditions, same premium and claims procedures as well as sales offering channels accessible anywhere in the ASEAN region by the public via Mobile Application and online etc. The micro-accident insurance policy as the cheap, non-complicated and simply claimable insurance product will be the pilot product which the OIC has been pushing for some time with well accepted from the public. It has been playing a role in raising awareness of the importance of insurance. The dual levels of cooperation are required i.e. the cooperation between the government and the insurance regulatory agencies, and between the insurance associations and the insurance companies of each country.
"Success to implement The ASEAN microinsurance product plan will lead to benefit to both ASEAN and Thailand expectedly by increasing the total premium and the penetration rate of the ASEAN countries. It would extend the network linking insurance and reinsurance systems in ASEAN region, and enhance the quality of low-income people life which will have the ability to support and alleviate the loss to the family. The scheme will also enhance cooperation and knowledge transfer on insurance products between Thailand and the CLMV countries. The ASEAN Insurance Regulatory Agency and Thai’s has ever been discussing on how to develop of the ASEAN Insurance Product but obstructing with the offering channels which previously had to be proceeding through insurance agents or brokers. Nowadays, new developments such as online or mobile application are taking the role and thus it is possible to develop such products as the first ASEAN insurance products in the world. If successful, it will be the model to be applied to other ASEAN insurance products. This is the reason why the Office has to push this ASEAN microinsurance product as a proposal to the 23rd ASEAN Finance Ministers' Conference for this year of 2019, " the OIC’s Secretary-general mentioned.