The Guernsey Financial Services Commission (GFSC) aims to strengthen its relationship with China's insurance regulators via the signing of a Memorandum of Understanding (MoU) with the China Insurance Regulatory Commission (CIRC).
The ‘Mutual Assistance and Exchange of Information Memorandum’ marks the third MoU signed between Guernsey and China, and will enable a flow of information between the regulators to ensure compliance with the relevant laws in each jurisdiction.
GFSC believes this will promote the “integrity, efficiency and financial soundness of those doing business between the two places.”
CIRC’s director general Bo Jiang and GFSC director general William Mason signed the MoU at a ceremony in Beijing.
“I am delighted to have been able to sign this MoU which means that the GFSC now has MoU’s with all of China’s financial services regulators including the China Banking Regulatory Commission and the China Securities Regulatory Commission,” said Mason.
“As Chinese financial services firms are expanding they are looking for a high quality domicile 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.”
Guidelines for cooperation include both supervisory bodies having a specific point of contact for communication between the organisations; the types and timing of requests for information; and the respect for a public interest test.
Guernsey Finance chief executive Dominic Wheatley commented: “The signing has broader, positive implications for the island’s finance sector as it will also provide Chinese insurance companies with an approved conduit for investing into Guernsey funds, once they have obtained a quota from the State Administration of Foreign Exchange.”
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GFSC, CIRC, Guernsey Finance, Guernsey, China