The Monetary Authority of Singapore (MAS) and the Office of Insurance Commission (OIC), Thailand, have today signed a Memorandum of Understanding (MOU) to strengthen cooperation in insurance supervision.
Dr. Suthiphon Thaveechaiyagarn, Secretary General of the OIC, Thailand, said, “The good relationship between OIC and MAS in terms of insurance supervision has been developed for a long time. 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.”
Mr. Ong Chong Tee, Deputy Managing Director (Financial Supervision), MAS, said, “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.”
The MOU on insurance supervision was signed by Dr. Suthiphon Thaveechaiyagarn, Secretary General, OIC and Mr. Daniel Wang, Executive Director (Insurance Department), MAS, in Bangkok at the sidelines of the annual Thailand Insurance Expo.
