Offshore
Guernsey, China Sign MoU Over Insurance Sector Co-Operation
The jurisdictions have signed an agreement to increase co-operation in the insurance sector.
Guernsey’s international finance centre and its
Chinese counterpart for insurance have inked a memorandum of
understanding to build co-operation, part of a trend of
jurisdictions forming bilateral pacts to foster business
links.
The MoU has been signed by the China Insurance Regulatory
Commission and Guernsey Financial Services Commission. This
MoU is the third such agreement signed over the insurance
sector between China and Guernsey in the last nine months, a
statement from the Guernsey authority said yesterday.
The pact will enable a flow of information between the regulators
to ensure insurance industry players obey relevant laws in each
jurisdiction. The MoU sets out guidelines for co-operation which
include: both supervisory bodies having a specific point of
contact for communication between the organisations; the types
and timing of requests for information; and the respect for a
public interest test.
In 2016 Guernsey signed insurance industry MoUs with the Chinese
city of Kashgar and the China Captive Alliance.
