CIRC signs MoU with Guernsey

Regulator signs memorandum with European counterpart to help develop insurance in both countries

CIRC signs MoU with Guernsey

Insurance News

By Gabriel Olano

The insurance regulators of China and Guernsey have signed a memorandum of understanding (MoU) to help boost the industry in both countries.

Jiang Bo, director general of the China Insurance Regulatory Commission (CIRC), was joined in Beijing by William Mason, director general of the Guernsey Financial Services Commission (GFSC), to sign the MoU which sets out a statement of intent to establish a framework of mutual assistance between the countries.

Guernsey has more than 800 insurance entities, from captives to reinsurers, based on the island and will not be impacted by Brexit as a long-standing non-EU jurisdiction.

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“As Chinese financial services firms are expanding they are looking for high quality jurisdictions 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,” Mason said.

The agreement will allow information to move between the regulators to ease compliance issues in both jurisdictions.

Guernsey also meets current international standards set by the International Association of Insurance Supervisors (IAIS).

CIRC vice chairman, Chen Wenhui, also attended the signing ceremony, alongside Guernsey’s deputy chief minister, Lyndon Trott.

All of China’s financial services regulators have now signed an MoU with the Channel Island.

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