Chief Minister Allan Bell MHK has today exchanged a Memorandum of Understanding on behalf of the Isle of Man Insurance and Pensions Authority (IPA) with the China Insurance Regulatory Commission (CIRC) to foster co-operation on insurance matters.
Mr Bell, who is this week heading an Isle of Man delegation in China, presented the signed document on behalf of the IPA to Mr Chen Wen Hui in Beijing, the Vice Chairman of CIRC. This is an explicit recognition of the intention of both organisations to provide mutual assistance and information to ensure coordinated supervision of any Chinese insurance companies establishing an operation in the Isle of Man or Isle of Man companies looking at joint ventures into China.
The Chief Minister commented:
'As an increasing number of companies in China are showing an interest in locating in the West, we are continuing to promote awareness and understanding of the benefits of Chinese businesses setting up operations in the Isle of Man given that we are one of the leading global centres for international insurance business.'
The Chief Executive of the IPA, David Vick said:
'The IPA is very pleased to sign a Memorandum of Understanding with the China Insurance Regulatory Commission. This will facilitate a closer regulator relationship with CIRC and will allow both regulators to provide assistance to each other in matters of common interest and make the supervision of regulated entities with links to both jurisdictions more efficient.'
