MoU signed among ASEAN countries to have Compulsory Motor Insurance

A signing ceremony of the Memorandum of Understanding (MoU) between the Ministry of Planning and Finance, Myanma Insurance and insurance organizations in other ASEAN members to introduce the ASEAN Compulsory Motor Insurance (ACMI) system for all ASEAN member countries was held virtually at 1:30 pm yesterday.
The ACMI aims to achieve easier and faster cooperation between ASEAN countries on the acceptance of compulsory third party liability insurance and compensation for cross-border vehicles.
Deputy Minister for Planning and Finance U Maung Maung Win, Managing Director of the Myanma Insurance Dr Sandar Oo and officials attended the virtual event.
ASEAN Secretariat Mr Herminio Jr. Cortez Runas from Finance Integration Division gave an opening speech, during the virtual ceremony.
Next, ASEAN Insurance Council Secretary-General of the Council (AIC) Mr Christian W. Wanandi and ASEAN Chairman of the Council of Bureaux (COB) Mr Michael F. Rellosa and Secretary-General of the Office of the Insurance Commission of Thailand Dr Suthiphon Thaveechaiyagarn delivered keynote addresses.
By signing the MoU, cross-border vehicles entering Myanmar could get the insurance premiums and compensation for third party liability insurance will be available for deaths and injury cases of road accidents.
The system will give a better flow of goods in line with economic integration among the ASEAN countries
Thanks to the MoU, ASEAN countries could have better and smoother trade and financial cooperation. — MNA