Singapore and Thailand Join Hands In Insurance Supervision

The authorities in both countries signed a Memorandum of Understanding (MOU) to strengthen cooperation in insurance supervision. The Monetary Authority of Singapore (MAS) and the Office of Insurance Commission (OIC), Thailand, on Thursday signed a Memorandum of Understanding (MOU) to strengthen cooperation in insurance supervision.

This MoU is an important step which will provide OIC and MAS with a committed approach to working more closely. The MoU will advance a framework for cooperation, exchange of information and assistance in insurance supervision between two authorities as well as facilitating mutual development of the insurance sector in both jurisdictions,» said Suthiphon Thaveechaiyagarn, Secretary-General of the OIC, Thailand in a media statement.

The MOU on insurance supervision was signed by Suthiphon Thaveechaiyagarn, Secretary-General, OIC and Daniel Wang, Executive Director (Insurance Department), MAS, in Bangkok at the sidelines of the annual Thailand Insurance Expo.

This MOU affirms the strong relationship between MAS and OIC, as well as our mutual interest to enhance insurance supervision and collaboration in both our jurisdictions. It further deepens partnerships between insurance regulators in ASEAN,» said Ong Chong Tee, Deputy Managing Director (Financial Supervision), MAS in the media statement.

The Office of Insurance Commission manages the supervision of insurance companies, brokers and agents and promotes the development of business conducts of insurance companies. OIC also builds confidence and accessibilities, strengthens the capacity and promotes the infrastructure of the insurance system.