Chaired by Vice Chairman and comprising majority of senior management members with the head of risk, compliance, legal and head of internal audit in attendance. External auditors may be invited as necessary. The committee approves the appointment of external auditors and oversees their relationship with the company. It monitors the effectiveness of, and receives regular reports from the internal audit, risk and compliance and legal functions. The committee reviews financial statements and procedures and systems of internal control over financial reporting. The committee reviews arrangements for compliance with the requirements of regulators and receives reports on the operation of the company. The committee oversees the management of underwriting, credit, market, operational, legal and other risks. The committee recommends risk philosophy and tolerance for board approval, defines the company’s risk appetite and reviews risk management processes used by the risk management department.
Chaired by Non-Executive Director and comprising majority of senior management members with the head of finance. The committee is to carry out to carry out the responsibilities delegated by the Board of Directors (the “Board”) of AYA Sompo Insurance Co., Ltd. (“the Company”) regarding oversight of AYA Sompo’s financial reserves (the “Reserves”), recommendation and implementing of the investment policies of the Company, laying down the operational framework for the investment operations of the Company, consistent with directives issued by Insurance and Business Regulatory Board (“IBRB”).
Chaired by Non-Executive Director. Comprise of senior management members including the Head of Human Resources, the HR committee has responsibility on behalf of the executive committee to ensure matters pertaining to staff compensation & benefits, manpower planning and recruitment, staff administration & discipline and training are managed in a way to ensure effective, efficient and uninterrupted operations, and to mitigate risk of loss resulting from human deficiencies or errors.
Lead by the Head of Business Division as Chair. Comprise of senior management members including the Head of Customer Experience. Business and product development committee aims to represent and promote the interests of AYA SOMPO Insurance with a conception to provide long term value and sustainability of the company. The committee is accountable to management and board members and is responsible for overall business growth and promote better customer services by adopting strategic plans in order to enhance the distributional expansion in business at potential sectors in Myanmar insurance industry.
Lead by the Head of Customer Experience Department as Chair. Comprise of senior management members including Principal Officer, Head of Audit, Risk and Compliance, Head of Underwriting and legal officer. The committee reviews claim management processes, evaluates loss adjustment procedures, including the quality in decision making on claim disbursements and the evaluation process on the need of external loss adjustment teams. The committee also oversees the effectiveness and administration of claims-related policies; recommend enhancements to the policy or procedures and to approve larger claims.
Lead by the Head of Corporate Planning Department as Chair to strategically plan the Company’s short-, medium- and long-term business sustainability with the respect to its vision and mission, and in response to market condition and comprise of senior management members including Chief Executive Officer, Chief Operating Officer and Head of Business Development. The committee aims to effectively represent and promote the interests of the Company with a view to provide long term value and sustainability of the company. Also, the Committee is accountable to the Management and Board members, and as such is responsible for the business planning of the Company.
Lead by Vice Chairman and comprising key members from Finance, technical and operational departments. The committee prioritizes and implements purchase of default properties, servicing materials and equipment that are financially or otherwise advantages to the benefitting the company and its associates. The purchasing committee has the ultimate responsibilities to recommend to board committee in order to engage purchasing functions that are mutually advantageous to obtain accurate performances in doing business with full transparency.
Comprise of senior management members including Chief Executive Officer, Chief Operating Officer and Head and Deputy Head of Business Development. The committee reviews to provide long-term value and sustainable interests of the Company and also to facilitate marketing, distribution, promotion and sell certain non-life insurance products of the Company to the Customers through the Distribution Networks in the Territory.