Guernsey Financial Services Commission Director General William Mason has signed a Memorandum of Understanding in Beijing with the Director General of the China Insurance Regulatory Commission (CIRC), Jiang Bo.
The MoU sets out a statement of intent to establish a framework for mutual assistance and to facilitate the exchange of information between the authorities.
Mason said: “The GFSC now has MoUs with all of China’s financial services regulators, including the China Banking Regulatory Commission and the China Securities Regulatory Commission.
“China and its financial services firms have embarked on a policy of international expansion to better serve foreign clients and expatriate Chinese under the ‘one belt, one road’ strategy.”
Guernsey’s insurance expertise includes captive insurance, which has enabled numerous corporate entities to better control their insurance costs.
Guernsey also specialises in insurance-linked securities and reinsurance, as well as specialist forms of general insurance such as kidnap and ransom. More than 800 insurance entities are based in Guernsey.
Mason said: “In recent years the GFSC’s insurance team has worked with its CIRC counterparts in the IAIS Executive Committee and Financial Stability and Technical Committee to further our common aim of ensuring sensible and pragmatic international standards for insurance that facilitate trade growth based on increased mutual understanding between regulators.”