Officials from China and the Republic of Korea (ROK) signed in Beijing a memorandum entitled "Understanding regarding Insurance Regulatory Cooperation" on September 3, 2002.
The memorandum, signed by the China Insurance Regulatory Commission (CIRC) and the Financial Supervisory Commission of ROK (FSC), aims to enhance cooperation and exchanges between the two nations and to study and examine the evolution of the two insurance markets and the formulation of supervision policies.
CIRC has been consulting and exchanging information with international insurance supervision organizations since its establishment in 1998. To date, CIRC has signed four separate memorandums of understanding, with Germany, Singapore, the United States, and Macao region.
