But realising this potential would require an inspired leadership by the industry, to rise to challenge the status quo and raise the game in delivering value to stakeholders. After 40 years, I believe the industry is at another crossroad. A new and exciting wave of growth and development for the industries lies ahead of us, but it can only happens if we are prepared once again to embrace the change as we did before, and collectively rise to overcome the barriers that threaten to hold the industry back from achieving its full potential. Reform via introduction of LIFE Framework The next phase of transformation is at our doorstep. As you are well aware, the blueprint for the next phase of change is encapsulated in the proposed LIFE Framework. The Framework lays the ground for greater operational flexibility, competition and diversity in the life insurance industry. More importantly, it will encourage innovation including expanding new delivery channels to reach new target groups, provide the right incentives to raise the professional standards of insurance intermediaries and deliver better value to policyholders. The reforms envisaged also seek to leverage on the digital age which presents immense opportunities to revolutionize the delivery of insurance products in a more effective and cost efficient ways that benefit consumers at large. With Malaysia’s household internet penetration rate of 67.3% and more than 43 million cellular phone subscribers in Malaysia, this mode of delivery certainly demands serious consideration. Let us tap this opportunity in delivering new insurance products and services.
The NCA also has a very important role in the prevention of pollution and emergency response in the event of spillages. The NCA head office’s Department for Emergency Response is located here in Horten. We at Norges Bank are very proud of the new banknote series – primarily because they are the most secure banknotes we have ever issued, but also because we are very pleased with the choice of motifs and theme. The new banknotes represent quite a significant break with Norwegian banknote tradition. For the first time since the Norwegian krone was introduced in 1875, Norwegian banknotes do not feature the portraits of well-known people. This time we have chosen a different type of motif, but a motif that has one thing in common with portraits: binding Norway together as a nation. The sea, which is the theme of the new banknote series, influences our country in many different ways. The Norwegian people live by the sea and use the sea both as a transport artery and for recreation. The sea is a source of well-being, welfare and prosperity. On the reverse side of the 500-krone banknote, the faint outline of an oil platform can be seen, symbolising an industry that has helped to raise the level of prosperity in Norway in recent decades. But the sea was also important before the oil age. Cod, shown on the new 200-krone banknote, has been one of our most important export products for centuries and still is today.