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.
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"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".