Taiwanese and Philippine regulators sign insurance cooperation pact

Agreement aims to improve both markets’ capabilities in sharing and protecting data

Taiwanese and Philippine regulators sign insurance cooperation pact

Insurance News

By Gabriel Olano

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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