TNAG-0626-FCO40-774-Representation-of-United-Nations-Economic-and-Social-Commiss-1977 — Page 6

UNITED NATIONS

TP/046(297)

NATIONS

ECONOMIC AND SOCIAL COMMISSION FOR ASIA AND THE PACIFIC

SALA SANTITHAM BANGKOK 2. THAILAND.

UNIES

TELEPHONE

CABLE : ESCAP

:

8 1 3 5 4 4 BANGKOK

3 March 1977

Madam,

I have the honour to transmit herewith the report of the Second Round-Table Meeting on Asian Reinsurance Co-operation, organized jointly by UNCTAD and ESCAP at Bangkok from 7 to 11 December 1976, together with an Agreement Establishing the Asian Reinsurance Corporation (ARC) and its protocols, which were finalized by the UNCTAD secretariat in consultation with the Legal Department of the United Nations, as requested by the Second Round-Table Meeting.

A decision to establish the Asian Reinsurance Corporation (ARC) at an intergovernmental level is an outcome of several years' careful preparation and technical investigation undertaken by a committee of experts from 10 Asian developing countries and the UNCTAD secretariat with the co-operation of the ESCAP secretariat.

It will be recalled that, at the First Round-Table Meeting on Asian Reinsurance Co-operation, held at Bangkok in October 1974, in which your Government was represented, it was unanimously agreed that the creation of an Asian reinsurance corporation was the most appropriate form of regional co-operation in the field of insurance and that a Preparatory Committee be created to carry out the necessary investigation as regards the feasibility of the project. The Preparatory Committee, in recognizing the feasibility and viability of the project, concluded that an Asian reinsurance corporation would not only increase the underwriting and retention capacities of the insurance markets in the developing ESCAP countries, thus leading to a considerable saving in foreign reinsurance expenditure, but would also enable these developing countries to develop technical expertise in this field. The Preparatory Committee, which completed its work in July 1976, produced a draft agreement for creating ARC.

Mrs. Cecilia Sham

Economic Service's Branch

Colonial Secretariat

Hong Kong.

/The Second

RECE!VED SECRETARIAT

Sena, o

152 21.3.77

ANSWERED.

REGIONAL CO-OPERATION FOR ECONOMIC AND SOCIAL PROGRESS TOWARDS SELF-RELIANCE

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