HANOI, VIETNAM - September 30, 2002 - Representatives of ACE INA International Holdings, Inc. led a workshop last week in Hanoi for members of the Ministry of Finance to assist in developing early warning financial indicators for life and non-life insurance companies. ACE INA, based in Philadelphia, Pennsylvania, is the largest component of the ACE Group of Companies, one of the world's largest and most innovative providers of insurance, reinsurance and financial services. ACE INA has maintained a representative office in Vietnam since 1996. In August, ACE INA submitted an application to the Ministry of Finance to operate a life insurance company in Vietnam.
Part of a broader technical assistance and capacity-building program with ACE INA and Vietnam's Ministry of Finance, this three-day workshop was conducted by Julian Lipman, chief actuary for ACE INA's Asia-Pacific operations. Workshop participants identified the need to develop a minimum solvency valuation basis for the life insurance industry. As a next step, ACE INA has pledged to assist the Ministry of Finance in this effort.
"The Ministry of Finance has a clear objective to develop methods and techniques to assess the financial strength of insurance companies." said Julian Lipman. "ACE is delighted to have the opportunity to assist the Ministry of Finance with the development of early warning indicators and a minimum solvency valuation basis, which are of critical importance to overall financial monitoring of the insurance industry."
Over the past six years, ACE has provided millions of dollars in direct business opportunities and reinsurance capacity to Vietnam's domestic insurers. ACE INA has worked closely with the Ministry of Finance, related government entities, and to assist local Vietnamese insurers in developing a strong, sound legal and regulatory framework for Vietnam's insurance sector.
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ACE INA Holdings Inc., whose ultimate parent is ACE Limited (NYSE: ACE), provides insurance and reinsurance products and services through operating subsidiaries for a diverse group of clients around the world. Additional information can be found at www.ace-ina.com.