The nation has been a member of the World Trade Organization (WTO) , our financial services pushed by ever-stronger force of globalization will inevitably be fully opened to all foreign institutions.

The concentration of market share and its redistribution will come as a result of consolidation of banking, insurance, security trading and asset management business. The concept of supplying all financial services under one roof, the introduction of new products, the emerge of new marketing channels so derived make either products or market more diverged,changable and complicated and also much higher expertise required. The Institute will upkeep our founding principle to provide better service to meet the need of insurance industry in years ahead.

In the field of management information system and actuarial matters: firstly, we will conduct financial analysis of insurance companies by using of our data base for the reference of supervisory authority to meet the requirement of transparency of the international market, secondly, collecting and exchanging market information through internet, the publication of insurance annual report, year book, market statistics, the compilation of tariff with actuarial method to sustain fair and equitable rate level are also our main works, thirdly, we will build up early warning system as a supporting mechanism for the supervisory authority. For the sake of sound development of our insurance market we will take the lead to set-up financial rating system and to do financial analysis and assessment for the insurance industry and all relevant parties .

In research and development, we will closely monitor and analyze the movement and trend of insurance market at home and abroad and interrelation between macroeconomy and insurance industry. Insurance information will be set up for searching business opportunity anywhere in the world for our insurance industry. Following the change of the sale strategy and tactics, the Institute will exert more effort in R & D of e-commerce, tele-sales as well as any novice distribution channels. Intensive review and research of the existing insurance laws, regulations, supervisory system will be made in response to the urge for amendment to be made to keep pace with the change of market. Other than the works delegated to us by our supervisory authority, we will also take the initiative to present our findings and proposals to the supervisory authority with the aim of eliminating the drawback of the existing system for the healthy development of our insurance industry.

We have set up Mainland Affairs Committee for the job of research and assessment of the insurance market of Mainland China as well as its insurance supervisory system, relevant laws and regulations so as to provide our insurance industry all necessary information to grasp opportunities in future. Furthermore, the Institute also actively takes part in promoting the exchange of opinion and mutual benefit between insurance industry of two sides of the strait.

In the education and professional training sector, the Institute is planning to establish an so called "insurance college" so as to upgrade the professionalism and academic standard by means of improvement of teachings and the arrangement of courses. The said college is not only for the insurance industry but also be opened to the public. We expect that both trait and volume of our teaching will be ever ascending. Training courses of all levels will be reviewed systematically and reorganized as a whole. We will develop insurance "training camp", correspondence and/or internet-based training, specific workshops and etc., to satisfy the various needs of different social sectors.

Viewing to keep pace with international market movement and to obtain advance know-how, the Institute regularly holds insurance seminars for the senior management of our insurance industry. The speakers of these seminars are renowned professionals and experts. Furthermore, we are also seeking co-operation with international insurance institutes in matters of training, examination of professional designation. We are also involved in the training of insurance agents, brokers so as to upgrade their capability.
In general, the revolutionary movement of financial services is coming like a powerful surging wave. The dramatic change of marketing channels, the intermingle of supply of universal financial services, the aspiration of consumer demand and the complexity of supervision work caused by diversification, internationalization will bring hardest contest not only to our financial system but also the nation as a whole.

The management and staff of the Institute are always heartily standby and will actively participate in every respect to support our insurance industry to meet the challenge of a new era. As conclusion, I would quote New Testament James 4-17 "To him therefore that knoweth to do good, and doeth it not, to him it is sin".

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