The insurance regulators of Taiwan and the Philippine have signed an agreement to promote cross-border supervision of their insurance sectors.
The memorandum of understanding between Taiwan’s Financial Supervisory Commission (FSC) and the Philippines’ Insurance Commission (IC) was signed during a ministerial trade and economic consultancy meeting between the two governments held in Manila recently.
The newly signed agreement tackles several issues, including information and data sharing, on-the-spot inspections, and the protection of critical and personal data, according to a statement by the FSC.
The agreement came more than a decade after the FSC and the IC counterpart signed a cooperation agreement for the banking sector in January 2007, Focus Taiwan reported.
Taiwan currently has 14 agreements with 14 financial regulators in neighbouring markets, namely: Australia, India, Indonesia, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Vietnam.
The agreements are part of Taiwan’s New Southbound Policy under President Tsai Ing-wen, which seeks to strengthen Taiwan’s relationships with countries in South and Southeast Asia, as well as Australia and New Zealand.
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