16 June 2016 Insurance

EIOPA and Chinese regulator sign MoU

The European Insurance and Occupational Pensions Authority (EIOPA) and the China Insurance Regulatory Commission (CIRC) have signed a memorandum to build a framework for the exchange of supervisory information.

The memorandum of understanding (MoU) was signed in Hungary where both authorities were participating in the executive committee meeting of the International Association of Insurance Supervisors (IAIS).

The European regulator said the MoU was to achieve three objectives: to build a practical framework for exchange of supervisory information, to update each other on the developments in the regulatory and supervisory frameworks for insurance and private pensions and to increase mutual understanding on the Chinese (C-ROSS) and European (Solvency II) supervisory regimes for insurance.

Under the MoU, the regulators will set up joint annual work programmes, experts' task forces, provide speakers for events organised by both authorities and pursue other joint activities.

Xiang Junbo, chairman of the CIRC, said: "The CIRC and the EIOPA have always enjoyed a close relationship. The signing of this Memorandum of Understanding is a declaration of the two sides' common vision to further our mutual communication and supervisory cooperation. We believe that under the framework of this MoU, more work could be done to facilitate information exchange and experience sharing between European and Chinese supervisors.”

Gabriel Bernardino, chairman of EIOPA, added: "The constant process of deepening ties between Europe and Asia and increasing cooperation is crucial for effective supervision and adequate protection of consumers. Therefore, this Memorandum of Understanding is an important step to enhance mutual understanding between Chinese and European supervisors and to ensure improved supervisory convergence over time globally.”

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