Hong Kong and Singapore have entered into a Memorandum of Understanding of Mutual Assistance and the Exchange of Information on insurance matters (MOU) to strengthen future cooperation of insurance regulators in the two places.
The MOU was signed Friday in Singapore by Benjamin Tang, commissioner of insurance of the Hong Kong Special Administrative Region, and Hauw Soo Hoon, executive director of the Monetary Authority of Singapore.
The MOU seeks to promote efficient, fair and stable insurance markets in both Hong Kong and Singapore for the benefit and protection of policyholders, by providing a framework for cooperation, the exchange of information and assistance.
Mutual assistance will be provided in areas of administration and enforcement of the various requirements relating to insurance business, such as development of new regulatory requirements for the conduct of insurance business and the continuous monitoring of insurance companies to ensure compliance with relevant supervisory requirements.
"With the convergence of the financial services and the globalization of insurance business, it is essential for financial regulators to have enhanced cooperation and information sharing in order to improve their effectiveness in administering and enforcing the insurance laws of their respective jurisdictions," Tang said.
"I am glad that Hong Kong and Singapore recognize the increasing international activities in insurance markets and the corresponding need for mutual cooperation between the relevant supervisory authorities," he added.
Prior to the signing of MOU, Tang attended the 2nd CEO Insurance Summit in Asia organized by Asia Insurance Review in Kuala Lumpur, Malaysia, and delivered a speech on "Steering in an Ocean of Changes".
(Xinhua News Agency March 15, 2002)
