Bandar Seri Begawan - In view of the growing importance of Takaful insurance in the Sultanate, General Insurance Association of Negara Brunei Darussalam (GIAB) may be replaced by a new association called Brunei Insurance & Takaful Association (BITA) by next year.


Mrs Helen Yeo, the Chairlady of GIAB, who made this revelation during the association's 25th anniversary celebration at Orchid Garden Hotel last night, went on to say that paperwork had been submitted to the Registrar of Societies to register the new association.
"We hope to be able to form this new association next year," she said, adding that this would help incorporate in Takaful insurers.
At the moment, GIAB has nine conventional general and life insurance companies.
Noting that GIAB has come a long way since it was first formed on August 23, 1986, Mrs Yeo extended her thanks to all the past chairperson and admin committee members for their leadership in making the association what it is today.

In 2006, the GIAB hosted the East Asiatic Insurance Congress in Brunei with over 1,000 participants from various countries and it was during this event that it was announced that Insurance Day would be observed every October 18, she said.

To mark Insurance Day 2011, the GIAB will be holding a two-day roadshow at The Mall in Gadong from October 18 onwards. Brunei is holding the chair of the Asean Insurance Council this year.
The highlight of last night's ceremony was the cutting of a cake to mark the GIAB's 25th anniversary by Brunei's Minister of Development and Deputy Chairman ofAutoriti Monetari Brunei Darussalam (AMBD), Pehin Orang Kaya Indera Pahlawan Dato Seri Setia Awang Hj Suyoi bin Hj Osman and his spouse, as well as Mrs Yeo, Mr Kenneth Ling and Mr Joseph Wong.

Also attending the ceremony were Awang Hj Rosli bin Hj Sabtu, the Managing Director of AMBD, and Mr Chong Fu Li, the Deputy Managing Director of AMBD.
--Courtesy of Borneo Bulletin