The LIIA 24th Annual General Meeting (VIRTUAL)

The Labuan International Insurance Association (“LIIA”) held its 24th Annual General Meeting (“AGM”) yet again virtually via Zoom on 24th June 2021, a platform for meetings commonly used during this COVID-19 pandemic under the Movement Control Order by the Government. An event/media firm was engaged to manage the event.
The meeting was chaired Mr. Gerard Roy Suresh Sharma, LIIA Chairman for 2020 to 2022, and he began with his welcoming speech followed by confirmation of quorum where it was confirmed by the LIIA’s Secretary, Mr. Ahmed Farouk Aripen that participation was 170 members out of the 208 registered members, which brought it to 82% attendance, surpassing the required 50% for quorum.
The minutes of the meeting of the 23rd AGM held on 17.12.2020 was approved as proposed by Mr. Jason Henry of Mawson Flinders Cook Mercantile Pte Ltd and seconded by Mr. Sean Shin of Korean Reinsurance Company, Labuan Branch followed by the presentation of the Annual Report for 2020/2021 by the Chairman supported by reports from each sub-committees of Education & Training, Web & IT, SMS, ICAF, Economic Substance & tax, MGA Initiative and Captives.  Accomplishments in 2020/2021 was highlighted such as the establishment LIIA’s own Secretariat Office at the Labuan Financial Park as well as the plans/goals was laid out on moving forward.
The LIIA Audited Financial Statement for the Year Ending 31st December 2020 was presented by the LIIA’s Treasurer, Mr. Erich Nicholas and the AGM has reappointed Mr. Eric Gan of Hub Risk Solutions Ltd, as the Honorary Auditor and Ms. Christabel Chieng of Crowe Malaysia PLT to continue as its External Auditor. The Annual Financial Statement was proposed by Ms. Jocelyn Yeo Lee Choo of Labuan Insurance Management Services Limited and seconded by Mr. James Ng Kai Hung of Munich Re Syndicate Labuan Ltd for adoption.
The proposal to approve the amendment to the constitution was in relation to the change of the LIIA secretariat’s new registered office address when the LIIA’s own secretariat was established.  The amendment on the change was approved unanimously by all the delegates that attended the AGM.
The AGM was adjourned by the Chairman after no further business was discussed with the wish of good health and a message to #staysafe to all the LIIA members.

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