GUERNSEY and China have signed a memorandum of understanding over insurance regulation.
It is hoped that the move will lead to increased cooperation between the Guernsey Financial Services Commission and the China Insurance Regulatory Commission of the People’s Republic of China.
The agreement is the third secured between the island and Chinese authorities in the past nine months.
It was signed by GFSC director-general William Mason and the CIRC’s director-general, Bo Jiang.
It will enable a flow of information between the regulators and promote the integrity, efficiency and financial soundness of those doing business between the two places.
‘I am delighted to have been able to sign this MoU, which means that the GFSC now has MoUs with all of China’s financial services regulators, including the China Banking Regulatory Commission and the China Securities Regulatory Commission,’ Mr Mason said.
‘As Chinese financial services firms are expanding they are looking for a high quality domicile from which to conduct their international business and the signing of this MoU is symbolic of the openness of Guernsey’s insurance sector to Chinese-led business.’