ASEAN economic community Opportunities and challenges for insurers. John Goulios, Partner/Co-Head Insurance Sector Leader Asia Pacific, DLA Piper

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1 ASEAN economic community Opportunities and challenges for insurers John Goulios, Partner/Co-Head Insurance Sector Leader Asia Pacific, DLA Piper

2 What is the Asean Economic Community (AEC)? 10 member states: Singapore, Indonesia, Malaysia, Philippines, Thailand Brunei (ASEAN 6), Cambodia, Laos, Myanmar, Vietnam (ASEAN 4). Major global hub of manufacturing and trade and one of the fastest growing consumer markets a market of 600+ million people. Current foreign direct investment same amount as China. - Seven times that of India; almost the Strong growth potential: Doubled in size economically in the last 13 years - projected to be 4 th largest econonmy by The middle class (i.e. those able to buy discretionary items such as insurance) is expected to grow dramatically. Third largest labour force (behind China and India) at notably lower cost. Generally low insurance penetrations rates and underinsured markets within the region. 9 February

3 AEC: Background and Policy Context Single market and production base Free flow of goods Free flow of services Free flow of investment Freer flow of capital Free flow of skilled labour Key characteristics ASEAN economic community Highly competitive economic region Competition policy Consumer protection Intellectual property rights Infrastructure development Taxation E-Commerce Region of equitable economic development SME development Initiative for ASEAN Integration (IAI) Region fully integrated into the global economy Coherent approach towards external economic relations Enhanced participation in global supply networks. 3

4 AEC: Implementation by 2015 dream or reality? Recognition of economic and social diversity AND the transitional economies of the "ASEAN 4": Common objectives and single end goal for ALL ASEAN member states; and Different timelines and milestones for each member country depending on individual circumstances/ readiness for reform Liberalization through "ASEAN minus X" formula where: member countries that are ready can liberalize first; and be joined by others later. Respect for: national policy objectives; and differences in the level of economic and financial sector development among individual member countries. Flexibility of member countries in setting their own preconditions for liberalization and establishing own timelines. 4

5 AEC: Implementation by 2015 dream or reality? (Cont.) 5

6 AEC: Implementation by 2015 dream or reality? (Cont.) Liberalization - four "modes" of supply for the delivery of services in cross-border trade: Mode 1: Cross-border supply Mode 2: Consumption abroad Mode 3: Commercial presence Mode 4: Presence of natural persons AEC - a "work in progress" Two "track" development of ASEAN insurance sector? One for "regional champions" competing with their global/regional peers across national borders. One for all other (re) insurers mainly serving local needs/the interests of domestic policyholders. 6

7 AEC: Likely/ possible opportunities and challenges for insurers Mode 1 (Cross-border supply) and Mode 2 (Consumption abroad) restrictions unlikely Only permitted exceptions if: Bona fide regulatory reasons (e.g., public safety); and This is agreed by ALL member countries on a case by case basis. So, in theory insurers should be able to: Use a branch located in another ASEAN country to write policies for local policyholders (Mode 1); and Be approached by policyholders from another ASEAN country, and write polices for such policyholders (Mode 2). 7

8 AEC: Likely/ possible opportunities and challenges for insurers - Singapore Likely to gain most from closer economic ASEAN collaboration given relative sophistication of its market. Committed to liberalizing its direct non-life insurance, reinsurance and retrocession, insurance intermediation and services auxiliary to insurance sub-sectors by end of No limits on foreign ownership of Singaporean insurers and insurance intermediaries. Non-admitted insurers are not permitted: to carry on insurance business in Singapore, whether directly or through insurance intermediaries. to advertise their activities, to promote their insurance products or solicit insurance business within or outside Singapore. Consumption of insurance abroad permitted provided that such sales do not render the offshore insurer's business activity to be carrying on of insurance business in Singapore. 8

9 AEC: Likely / possible opportunities and challenges for insurers - Indonesia Committed to liberalize its insurance sector by Foreign equity participation quite liberalized - up to 80% permitted and can be exceeded subject to satisfaction of certain requirements. Must be licensed by the Financial Services Authority (FSA) to carry on insurance business (broadly defined) or provide insurance to Insured Objects (also broadly defined) Cross border supply of insurance services to Insured Objects in Indonesia through a foreign insurer is not allowed, except where no local insurer is capable or willing to provide the coverage in question. Whether consumption abroad by Indonesian policyholders is permitted depends on the residence status of the individual 9

10 AEC: Likely/ possible opportunities and challenges for insurers - Thailand Not specifically committed to liberalizing its insurance sector by the end of Foreign investment threshold is very low - generally 24.9% and may go up to 49% with permission from the Office of the Insurance Commission (OIC). A foreign insurer must be licensed in Thailand to carry on insurance business in Thailand. Non-admitted insurers cannot market their direct insurance products (reinsurance excepted). directly or through any local intermediaries, facilitate the entering of insurance contracts. No restrictions on Thai nationals on the purchase of non-admitted insurance. The AEC roadmap (March 2014) but the insurance sector has made little tangible progress to realize the AEC goals so far. 10

11 AEC: Likely/ possible opportunities and challenges for insurers - Malaysia Committed to liberalizing its insurance sector by Insurance industry relatively open to foreign investors: Foreign equity ownership limit of 70% for Malaysian insurers and reinsurers. No foreign equity ownership limit for Malaysian insurance intermediaries. Foreign insurers are not permitted to carry on insurance business in Malaysia unless licensed. Non admitted insurers cannot solicit / advertise insurance business in Malaysia The FSA does not prohibit consumption of insurance services abroad if the execution is done outside Malaysia. Approval is required from Bank Negara Malaysia (BNM) for direct placement outside Malaysia of insurance of property located in Malaysia (including any ship / aircraft registered in Malaysia) and only granted if insurance not available in Malaysia 11

12 AEC: Likely/ possible opportunities and challenges for insurers Conclusion Varied progress across the ASEAN member states Majority foreign ownership possible in many jurisdictions (with notable exceptions) Insurance sector still heavily regulated by domestic laws of member states Cross border supply substantially restricted Regulators in the region supportive of the initiative but yet to discuss in specific detail Difficult to realise the AEC in the insurance sector long way to go to meet the 2015 milestone date and objectives. Increase in solvency capital requirements for insurers - many ASEAN members now have risk-based capital frameworks, but notable differences exist. Common, harmonised insurance regulation, insurance products and services. Regional competition policy, institutions and enforcement bodies 12

13 Contact information John Goulios Partner/ Co-Head Insurance Sector Leader Asia Pacific DLA Piper T or This presentation is intended as a first point of reference and should not be relied on as a substitute for professional advice. Specialist legal advice should always be sought in relation to any particular circumstances and no liability will be accepted for any losses incurred by those relying solely on this presentation. 13

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