• Document: Thai General Insurance Association (TGIA)
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Thai General Insurance Association (TGIA) Study on the impact of ASEAN Market Liberalisation on the Non- Life Insurances in Thailand 27 March 2015 Agenda 1. AEC 2015: The Journey to a Single Insurance Market 2. Regulatory Changes and Liberalisation Effects 3. Capability of Thai Non-life insurers 4. Opportunity assessment of the AEC countries 5. Roadmap @ 2015 KPMG Phoomchai Advisory Ltd., a Thai limited liability company and a member firm of the KPMG network of independent firms affiliated with KPMG 1 International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Thailand. 1 AEC 2015: The Journey to a Single Insurance Market ASEAN Economic Community (AEC) development ASEAN Economic Community Goals A single market and Competitive Equitable economic Integration into the production base economic region development global economy AEC Blueprint (2008-2015) Liberalisation and Laying the Development of Entry into force of Top 5 priority services sectors facilitation of free foundation for : SMEs Free Trade flow of:  Competition Agreements including:  Goods policy Implementation of 1. Air transport,  Services Services  Consumer  Capital protection Initiative for ASEAN 2. e-ASEAN, Integration  Investment  Intellectual 3. Healthcare,  Skilled labor property rights 4. Tourism and Development of 12 Infrastructure 5. Logistic services priority integration development sectors For financial services sector, member Strengthening food Development of countries will have to progressively security and energy and mineral liberalise, but will not take effect by 2015 cooperation under cooperation agriculture sector to all members. @ 2015 KPMG Phoomchai Advisory Ltd., a Thai limited liability company and a member firm of the KPMG network of independent firms affiliated with KPMG 3 International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Thailand. What will the AEC during 2015-20 look like? Still far from being a single market…… 1. Good progress for Goods, but slow progress for Services in particularly financial service sector i.e. Bank and Insurance • There is still a lot of sensitivity around services to ensure development and maintenance of socio- economic stability 2. Priority actions on Services Liberalisation • No restrictions on service delivery via cross-border trade and consumption abroad • Gradual expansion of the foreign equity participation to not less than 70 percent • Progressive removal of other limitations on market access via commercial presence 3. Barriers on implementation • Passive instead of Active approach with respect to Article 20: Con

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