The European Insurance and Occupational Pensions Authority (EIOPA) and the China Insurance Regulatory Commission (CIRC) have signed a memorandum of understanding (MoU).

The memorandum is the basis for the cooperation between EIOPA and CIRC to achieve three objectives:

1. To build a practical framework for the exchange of supervisory information.
2. Update each other on the developments in the regulatory and supervisory frameworks for insurance and private pensions.
3. Increase mutual understanding on the Chinese (C-ROSS) and European (Solvency II) supervisory regimes for insurance.

Under this memorandum, EIOPA and CIRC will set up joint annual work programmes, experts’ task forces, provide speakers for events organised by both authorities and pursue other joint activities.

The authorities stressed that the memorandum is not the legal basis for the exchange of confidential information and does not create legal obligations of its parties as well as the European Union and its member states.

Xiang Junbo, chairman of the CIRC, said: "The China Insurance Regulatory Commission and the European Insurance and Occupational Pensions Authority have always enjoyed a close relationship. The signing of this Memorandum of Understanding is a declaration of the two sides’ common vision to further our mutual communication and supervisory cooperation.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

"We believe that under the framework of this MoU, more work could be done to facilitate information exchange and experience sharing between European and Chinese supervisors."

Gabriel Bernardino, Chairman of EIOPA, commented: "The constant process of deepening ties between Europe and Asia and increasing cooperation is crucial for effective supervision and adequate protection of consumers. Therefore, this Memorandum of Understanding is an important step to enhance mutual understanding between Chinese and European supervisors and to ensure improved supervisory convergence over time globally".