Singapore, 5 June 2004...The Monetary Authority of Singapore (MAS), the International Association of Insurance Supervisors (IAIS) and the World Bank Institute (WBI) co-organised the pilot Core Curriculum seminar for insurance supervisors from 31 May to 4 June 2004.

2   The Core Curriculum is a joint project by IAIS and WBI to develop a comprehensive learning programme for Insurance Supervisors. The purpose of the project is to develop contents for a total of 56 learning modules based on the existing 28 Insurance Core Principles (ICPs). Pilot seminars and training of trainers are also part of this project to enhance the capacity of the insurance regulators in emerging markets. This key initiative of the IAIS was launched in July 2003 and will be completed over 3 years.

3   Singapore sponsored the Core Curriculum's pilot seminar. The seminar, held from 31 May to 4 June, trained close to 30 insurance supervisors from 13 countries. The "Train-the-trainers" session trained 13 senior insurance supervisors from 7 countries. The programme included the teaching of ICPs on Corporate Governance and Internal Control. Lecturers of the seminar included staff from the WBI and World Bank Consultants.

4   Mrs Hauw Soo Hoon, Executive Director of Insurance Supervision in MAS, said  "We are honoured to host the launch of the first IAIS/ WB Core Curriculum which helps to improve global standards for insurance supervision. This is also a testament of MAS' continuous commitment to help build capacity of insurance supervisors in this region." MAS is also an IAIS training centre and has been organising the annual Asian Insurance Directors seminar since 2001. Mrs Hauw is a member of IAIS Executive Committee and the chair of IAIS Education subcommittee.

5   Singapore hosted the 10th annual IAIS conference in October last year. The theme of the conference was "Building Competencies in the Insurance Sector". The conference addressed challenges facing insurance supervisors in acquiring competencies to achieve more effective and efficient supervision of insurance markets. 28 ICPs were approved and 364 international delegates attended the conference.

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Notes to Editor:

International Association of Insurance Supervisors (IAIS)

The IAIS represents insurance supervisory authorities of some 100 jurisdictions. It was formed to promote cooperation among insurance regulators, set international standards for insurance supervision, provide training to members and coordinate work with regulators in the other financial sectors and international financial institutions. The IAIS issues global principles, standards and guidance papers on insurance supervision that may be adopted by member jurisdictions to promote financial stability. The Insurance Core Principles (ICPs) issued by IAIS comprise essential principles that need to be in place for an insurance supervisory system to be effective. These principles set out the framework for insurance supervision, identify subject areas that should be addressed in legislation or regulation in each jurisdiction and provide a framework for the IAIS on which to develop more detailed international standards. The ICPs often serve as benchmarks for insurance regulations and supervision worldwide. For more information, visit www.iaisweb.org .

World Bank Institute (WBI)

WBI is the training arm of the World Bank. It aims to spur the knowledge revolution in developing countries to be a global catalyst for creating, sharing, and applying the cutting-edge knowledge necessary for poverty reduction and economic development. It works under formal partnership arrangements with more than 160 organizations, and informally with some 250 more. It organises more than 700 learning activities annually for nearly 60,000 client participants in 200 countries. For more information, visit http://www.worldbank.org .

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