The China Banking and Insurance Regulatory Commission (CBIRC) and the Italian Institute for the Supervision of Insurance (IVASS) entered into a memorandum of understanding on 10 July 2019 setting out the basis for cooperation between the two supervisory authorities in the context of a broader plan of general cooperation between Italy and China.
The memorandum's main objectives are to enhance:
- the exchange of information on developments of the regulatory and supervisory framework in China and Italy, respectively; and
- cooperation between Italy and China regarding the supervision and oversight of undertakings.
The following activities are planned with a view to achieving these objectives:
- meetings and conference calls;
- attendance at events of mutual interest; and
- the exchange of information on the supervision of insurance undertakings regulated and supervised by the other party, in compliance with local laws and public interest.
The memorandum will be effective for one year and will be automatically renewed annually.
The memorandum does not contain detailed provisions. It will be interesting to see what concrete effects (if any) it will have –particularly in the context of the present unstable geopolitical situation – and whether similar memoranda will be entered into in the near future with supervisory authorities of non-EU countries with which IVASS does not already have a cooperation agreement.
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