On September 28, 2010, the National Association of Insurance Commissioners (“NAIC”) announced that U.S. insurance regulators entered into a Memorandum of Understanding (“MoU”) with the Insurance Bureau of the Republic of China (Taiwan), the official organization that regulates the insurance industry in Taiwan. The MoU formalizes the procedure for consultation, cooperation and coordination between the U.S. insurance regulators and the Bureau, and allows for the sharing of information about regulated persons and entities.
NAIC Chief Executive Officer Dr. Therese M. Vaughan stated, “This agreement will serve as the framework for cooperation, as we exchange information and work to strengthen our respective markets to the benefit of citizens in both countries . . . .Ongoing dialogue, technical assistance and training will help us better coordinate regulatory functions under our respective laws.”
According to the NAIC, this is the 12th MOU on regulatory cooperation with foreign nations, including agreements with ASSAL (Association of Latin American Insurance Supervisors), Brazil, Egypt, Iraq, Korea’s Financial Supervisory Commission and Financial Supervisory Service, Russia, the China Insurance Regulatory Commission (CIRC), the Office of the Commissioner of Insurance of Hong Kong, Thailand, and Vietnam’s Department of Insurance.