Taiwan: Regulator signs insurance MoU with Philippine counterpart
Source: Asia Insurance Review | Jan 2018
Philippines Taiwan
Taiwan’s financial supervisory authority has signed a memorandum of understanding (MOU) with the Philippines to promote bilateral cooperation in the cross-border supervision of the insurance business.
The agreement was signed during a ministerial trade and economic consultancy meeting between the two countries held in Manila in December, according to a press release from the Financial Supervisory Commission (FSC).
The MOU covers several areas, ranging from information and data sharing, on-the-spot inspection, to the preservation of confidential data, the FSC said.
So far, the FSC has signed MOUs with 14 financial supervisory agencies of nine countries in Asia and Oceania – Australia, India, Indonesia, Malaysia, New Zealand, the Philippines, Singapore, Thailand and Vietnam.
These are all target nations of Taiwan’s New Southbound Policy, promoted by the administration of President Tsai Ing-wen to strengthen Taiwan’s ties with Southeast Asian and South Asian countries as well as Australia and New Zealand. A