The first cross-strait insurance supervision and cooperation meeting was held Oct. 17 in Taipei City, bringing together regulators from the ROC Financial Supervisory Commission and Beijing-based China Insurance Regulatory Commission.
“This event represents the efforts of both sides to establish an institutionalized mechanism for exchanges,” said Joanne Tseng, director-general of the FSC Insurance Bureau. “It has taken place under the auspices of the cross-strait financial cooperation agreement and memorandum of understanding on cross-strait supervisory cooperation in the insurance industry.”
“The meeting also serves as a platform for strengthening cooperation and addressing issues of mutual concern, including market access, operations and regulations, so as to ensure the healthy and stable development of the cross-strait insurance industry.”
Tseng made the remarks at a news conference following the meeting between FSC Chairman Tseng Ming-chung and CIRC Chairman Xiang Junbo.
According to the FSC, the two sides agreed on designating contact windows for communication; establishing a regular meeting and on-site inspection mechanism; and strengthening exchanges on insurance business operations and fighting fraud.
Taiwan insurance companies are encouraged by the CIRC to enter partnerships with or acquire stakes in their mainland Chinese counterparts, the FSC said, adding that they will receive assistance resolving issues connected to raising capital, submitting applications and participating in trial programs offering personal tax-deferred pension insurance products.
Separately, Premier Jiang Yi-huah praised the FSC following a briefing the same day on the commission’s latest plan for boosting international financial supervision cooperation, relaxing related regulations, streamlining administrative processes, cultivating financial talent, establishing a data base for setting up business in other countries and helping local banks capitalize on Asian growth opportunities.
“This initiative is set to strengthen Taiwan’s competitiveness in exporting financial services while fostering growth and prosperity industrywide,” Jiang said.
The FSC said its plan is aimed primarily at spurring local banks to expand their presence in Asia en route to increasing profits, diversifying management risks and boosting international competiveness. It is hoped that over the next three to five years, at least one or two ROC-headquartered institutions will transform into leading regional players. (RC-JSM)
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