Guernsey representatives have signed a Memorandum of Understanding (MoU) with the China Captive Alliance and the Kashgar government.
An agreement between the Guernsey International Insurance Association (GIIA) – the representative body of Guernsey insurers and insurance managers – and the China Captive Alliance sets out a statement of intent to facilitate business development initiatives between the two parties, as well as international communication and information sharing.
Charles Scott, Managing Director of insurance manager Alternative Risk Management (ARM), signed the MoU on behalf of GIIA alongside Yongjie Liu, General Manager of the China Captive Alliance.
Guernsey Finance Asia Representative Wendy Weng has also signed an MoU on behalf of Guernsey’s insurance sector with the Kashgar government. Kashgar, in the Xinjiang autonomous region in northwest China, has become the dedicated centre for the country’s growing captive insurance sector thanks to support from the People’s Bank of China, China Insurance Regulatory Commission, China Banking Regulatory Commission and China Security Regulatory Commission.
The agreement provides for cooperation between the two jurisdictions in captive insurance market development, financial innovation, international communication and information exchange, to promote the viability of the Chinese captive market and communication between China and the international captive industry.
Wendy Weng said: "These agreements represent a positive development in the enhancement of our broader relationship with China. There is significant interest in China and Asia generally in doing business with Guernsey and we hope that this MoU will help to facilitate those business flows."
Both MoUs were signed during a ceremony at the inaugural Asia-Europe Captive Summit in Kashgar on 26 June.
Pictured: Charles Scott (seated, left) signs the GIIA's MoU with Yongjie Liu of the China Captive Alliance