Last week IVASS a memorandum of understanding (the "MoU") executed with the China Banking and Insurance Regulatory Commission (CBIRC) in order to establish a basis for mutual cooperation in the field of insurance regulation and supervision.
Among the common objectives indicated in the MoU are, inter alia:
(a) to build a practical framework to enhance the exchange of supervisory information to increase the effectiveness of the supervisory processes;
(b) to exchange information about the developments on the regulatory and supervisory frameworks in China and in Italy;
(c) to cooperate and exchange information regarding the supervision and oversight of operators doing business in China and in Italy.
The agreement shall be effective for one year shall automatically be renewed each year subject to modification by the mutual consent of the parties.