Thailand, SKorea ink insurance cooperation deal

BANGKOK, June 11 (TNA) - Thailand and South Korea have signed a memorandum of understanding (MOU) on bilateral cooperation on overseeing and regulating insurance businesses, covering exchange of information and personnel development. Prawet Ongaatsitthikul, Secretary-General of Thailand's Office of Insurance Commission (OIC), told reporters Monday, after signing the MOU with the South Korean side, that he believes the agreement will lead to South Korea's more opening up of its market for Thai insurance firms. Prawet also proposed that member countries of the Association of Southeast Asian Nations or ASEAN set up a regional disaster insurance fund to mutually assure and provide compensations for disasters-borne damage. According to the OIC chief, his office will propose to the Thai Ministry of Finance as well that the national disaster insurance fund raise its compensation provided to local businesses damaged by disasters from 30 per cent of each insured fund policy to 50 per cent. (TNA)