The insurance regulators of China and Guernsey have signed a memorandum of understanding as part of an effort to make business easier between the two jurisdictions.
It aims to enable the flow of information between CIRC and GFSC and ensure companies doing business in the two markets follow the relevant laws and regulations, resulting in the integrity, efficiency, and financial soundness of all parties involved.
The agreement also outlines guidelines for cooperation, including both regulatory agencies having a specific point of contact for inter-organisational communication, the types and timing of requests for information, and the respect for a public interest test.
At the signing event, CIRC vice chairman Chen Wenhui said the move “shows the strong relationship built up by an important jurisdiction from developed countries and another from the emerging markets.”
Guernsey Finance CEO Dominic Wheatley added: “The signing has broader, positive implications for the island’s finance sector as it will also provide Chinese insurance companies with an approved conduit for investing into Guernsey funds, once they have obtained a quota from the State Administration of Foreign Exchange.”
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