Singapore, 15 March 2002. The Monetary Authority of Singapore (MAS) today signed a Memorandum of Understanding (MoU) with the Office of the Commissioner of Insurance of Hong Kong (OCI).  Under the MoU, MAS and OCI agree to provide mutual assistance and exchange information in relation to the regulation of the insurance industry in their respective jurisdictions.

2   The MoU was signed in Singapore by MAS Executive Director (Insurance), Mrs Hauw Soo Hoon and by the Commissioner of Insurance, Mr Benjamin Tang, of OCI.  The MoU covers matters of administration of the laws relating to insurance, including licensing, prudential and financial requirements, approval of management and monitoring and supervision of insurers.  The exchange of information and co-operation will help both regulators maintain efficient, fair and safe insurance markets that safeguard the interests of policyholders.

3   The signing of the MoU between OCI and MAS is an affirmation of the close co-operation that the insurance regulators of the two countries have been building over the years.  Whilst Hong Kong and Singapore have already been co-operating informally on various matters, the MoU provides a formal framework and structure to the existing good relations, and allows us to expand and enhance our supervisory capabilities.  The ability to obtain information and to act on it in a timely manner, will be an important tool in the administration of the regulation and laws of our countries.  We are confident that the MoU will help to forge even closer mutual assistance and exchanges between MAS and OCI, said Mrs Hauw Soo Hoon.

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