The Insurance Control Commission organized a visit-workshop to Washington DC where meetings were respectively held with officials from the Worldbank, and the Insurance Commissioner of the District of Columbia.
During the visit to Worldbank officials, the two main projects on which the Bank’s experts provided technical assistance to the ICC were discussed in length and finalized, pending the official provision of the related reports and recommendations. These projects pertain respectively to the risk-based-capital model and the framework for the motor third party liability business in Lebanon. On the other hand, the workshop with the Insurance Commissioner of the District of Columbia focused on the importance of regular supervisory cooperation in addition to the technical exchange and experience sharing.
Mrs. Nadine El Habbal indicated that this visit was of high importance in two aspects: (1) the completion of the Worldbank projects is a major achievement that rewards the earnest efforts deployed by the ICC in the previous months jointly with the experts of the Bank, and pave the way for tangible recommendations what will prove beneficial to the sound development of the insurance sector; (2) on the other hand, establishing bilateral contacts with regulators is fundamental in creating potential opportunities for a sound development of the insurance sector, as well as the sharing of relevant experience and information.