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IoM Signs Insurance MoU With China

by Jason Gorringe, Lowtax.net, London
21 April, 2015

The Isle of Man Insurance and Pensions Authority (IPA) has signed a Memorandum of Understanding (MoU) with the China Insurance Regulatory Commission (CIRC) to foster co-operation on insurance matters.

Isle of Man Chief Minister Allan Bell, who is this week heading an Isle of Man delegation to China, presented the signed document on behalf of the IPA to Chen Wen Hui in Beijing, who is the Vice Chairman of CIRC.

The delegates said that the MoU is an explicit recognition of the intention of both organizations to provide mutual assistance and information to ensure coordinated supervision of any Chinese insurance companies establishing operations in the Isle of Man or Isle of Man companies looking at joint ventures into China.

Bell said: "As an increasing number of companies in China are showing an interest in locating in the West, we are continuing to promote awareness and understanding of the benefits of Chinese businesses setting up operations in the Isle of Man given that we are one of the leading global centers for international insurance business."

The Chief Executive of the IPA, David Vick, said: "The IPA is very pleased to sign a Memorandum of Understanding with the China Insurance Regulatory Commission. This will facilitate a closer regulator relationship with CIRC and will allow both regulators to provide assistance to each other in matters of common interest and make the supervision of regulated entities with links to both jurisdictions more efficient."

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