Sunday, April 22, 2018

Malaysia, Thailand sign insurance deal

Bank Negara Malaysia and Thailand’s Office of Insurance Commission (OIC) have signed a Memorandum of Understanding (MoU) to enhance cooperation for mutually beneficial development of the insurance sector of both countries.

In a statement yesterday, Bank Negara said the MoU was signed by governor Muhammad Ibrahim and OIC secretary general Suthiphon Thaveechaiyagarn.

Bank Negara said that with growing financial links between Malaysia and Thailand, the MoU will support measures by the insurance regulatory authorities of both countries to promote effective and well-functioning insurance markets for the protection and risk management of individuals and businesses.

The two authorities said the MoU encompasses arrangements relating to mutual assistance and information exchange, as well as cooperation in capacity-building and technical assistance between the two regulatory authorities.

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