Posted on 29 Sep 2010
On behalf of the National Association of Insurance Commissioners, NAIC Chief Executive Officer Dr. Therese M. (Terri) Vaughan today signed a memorandum of understanding (MOU) with Dr. Tien-Mu Huang, Director General of the Insurance Bureau of the Republic of China (Taiwan).
The MOU is designed to assist insurance supervisors in both the U.S. and Taiwan maintain efficient, fair, safe and stable insurance markets.
"This agreement will serve as the framework for cooperation, as we exchange information and work to strengthen our respective markets to the benefit of citizens in both countries," Vaughan said. "Ongoing dialogue, technical assistance and training will help us better coordinate regulatory functions under our respective laws."
With MOUs currently in place with Thailand, the China Insurance Regulatory Commission (CIRC), the Office of the Commissioner of Insurance of Hong Kong, Korea's Financial Supervisory Commission and Financial Supervisory Service, and Vietnam's Department of Insurance, this agreement further enhances the NAIC's relationships in Asia.
The NAIC currently has 11 MOUs on regulatory cooperation, including signed agreements with Iraq, Egypt, Russia, Brazil and ASSAL (Association of Latin American Insurance Supervisors). The NAIC also has agreed to a model MOU on information exchange between EU supervisors and U.S.-led supervisors of insurance group members with transatlantic operations.