Singapore and Thailand regulators strengthen cooperation

Singapore and Thailand regulators strengthen cooperation | Insurance Business

Singapore and Thailand regulators strengthen cooperation

The Monetary Authority of Singapore (MAS) and Thailand’s Office of Insurance Commission (OIC) have signed a memorandum of understanding to strengthen cooperation in insurance supervision.

The agreement was signed by Dr Suthiphon Thaveechaiyagarn, secretary general of OIC, and Daniel Wang, executive director of MAS’ insurance department, in Bangkok at the sidelines of the annual Thailand Insurance Expo on Thursday, a joint statement from the regulators said.

“The good relationship between OIC and MAS in terms of insurance supervision has been developed for a long time,” said Thaveechaiyagarn. “This MoU is an important step which will provide OIC and MAS with a committed approach to working more closely. The MoU will advance a framework for cooperation, exchange of information and assistance in insurance supervision between two authorities as well as facilitating mutual development of the insurance sector in both jurisdictions.”

“This MoU affirms the strong relationship between MAS and OIC, as well as our mutual interest to enhance insurance supervision and collaboration in both our jurisdictions,” added Ong Chong Tee, deputy managing director for financial supervision of the MAS. “It further deepens partnerships between insurance regulators in ASEAN.”