Taiwan hopes to sign a memorandum of understanding (MOU) with China covering the banking, securities and insurance sectors in the next round of cross-strait talks, a Financial Supervisory Commission official said yesterday.
FSC Vice Chairwoman Lee Jih-chu (李紀珠) said that the talks on the signing of an MOU had been going smoothly.
Lee said that China required the signing of an MOU before foreign, including Taiwanese, financial institutions could engage in financial operations in China, but the requirement only covered the banking and securities sectors, not the insurance sector.
Despite not having signed such an MOU, two Taiwanese insurance companies — Cathay Life Insurance Co (國泰人壽) and Taiwan Life Insurance Co (台灣人壽) — have begun insurance operations in China, Lee said.
“If an MOU is not signed between the two sides of the Taiwan Strait, then the FSC will be unable to regulate Taiwanese insurance companies operating in China,” she said.
Lee said the commission had reached initial consensus with the Beijing-based China Insurance Regulatory Commission on covering the insurance sector in the MOU to be signed between the two sides.
But as the part on the insurance sector was not as urgent as the banking and securities sectors, Lee said she was not sure whether the MOU would eventually cover it.
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