Singapore and Thailand Join Hands In Insurance Supervision
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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.
Questions & Answers
Q.What is the primary purpose of the Memorandum of Understanding signed by Singapore and Thailand?
What is the primary purpose of the Memorandum of Understanding signed by Singapore and Thailand?
The MOU aims to strengthen cooperation in insurance supervision between the Monetary Authority of Singapore and Thailand's Office of Insurance Commission. It will provide a framework for information exchange and assistance in this area.
Q.Which specific organisations signed this agreement?
Which specific organisations signed this agreement?
The Monetary Authority of Singapore (MAS) and the Office of Insurance Commission (OIC), Thailand, signed the Memorandum of Understanding. Key representatives from both organisations were present at the signing.
Q.What are the main responsibilities of the Office of Insurance Commission (OIC) in Thailand?
What are the main responsibilities of the Office of Insurance Commission (OIC) in Thailand?
The OIC manages the supervision of insurance companies, brokers and agents, promoting ethical business conduct. It also works to build confidence and access, strengthen capacity, and promote infrastructure within the insurance system.