NU Online News Service, May 9, 2:19 p.m. EDT--The Risk and Insurance Management Society, Inc. announced it will be conducting a seminar this week for a group of 18 Central Asian insurance professionals.
The event on May 12 titled "Key Issues in Risk Management," is part of the Special American Business Internship Training (SABIT) program. The SABIT insurance program, which began April 23 and ends May 21, began in Washington, D.C., with orientation sessions and visits to relevant government agencies and trade associations.
RIMS said the program will be instructing mid- to senior-level executives of five Central Asian Republics: Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan. The RIMS seminar for the international delegates will take place as part of a three-week SABIT curriculum.
"Risk management is a growing industry worldwide and this is a wonderful opportunity to bring risk management to the forefront in these countries, Jackie Hair, a RIMS director who chairs the professional development advisory committee, told National Underwriter.
Ms. Hair is senior director of worldwide risk management for Ingram Micro Inc., in Santa Ana, Calif. She said the program provides "more of an awareness of risk management in general."
The delegates, screened and selected by the U.S. Department of Commerce, represent senior managers and directors of insurance companies and regulatory agencies in Central Asia, including the chairman of an oil insurance company, heads of legislative and insurance activity for ministries of finance and labor, chairman of an insurance regulation board, and several directors of insurance companies, RIMS said.
RIMS' agenda for the session includes discussion of principles of risk management, financial management of insurers and an overview of insurance specialty areas.
According to SABIT, the Group Program will create a forum for managers and insurance industry leaders in Central Asia to interact and build relationships with their counterparts in the United States. U.S. companies can provide industry insight and training and showcase their products and services to potential partners and customers from Central Asia.
In addition, the delegation will be trained in business planning and cross-cultural communication. During the final three weeks, the delegation will travel to select regions and cities across the U.S. to meet with leading financial services companies, state insurance commissions, and other industry organizations and experts, according to the SABIT Web site.
During the program, topics representing challenges to the Central Asian insurance industry will be raised, including regulatory structures; risk management and reinsurance; underwriting guidelines; claims, fraud detection and prevention; agents, adjustors and investigators; diversified activities of insurance companies; and insurance and the legal system.
SABIT was initiated by former Secretary of Commerce Robert A. Mosbacher during a September 1990 presidential business development mission to Moscow. It followed up on a pledge made by President George H.W. Bush at the 1990 Malta Summit to support the Soviet Union's transition to a market economy.
SABIT will cover the majority of program costs for all delegates, including travel, housing and meals.
For information on participating as a host company, contact Patrick Brennan, Marketing Coordinator at (202) 482-2077.
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