Taiwan and France have signed an exchange of letters to forge closer cooperation in the supervision of the insurance industry, the Financial Supervisory Commission said yesterday.
Commission Chairman Thomas Huang (黃天牧) signed the exchange of letters on Thursday, the commission said in a statement.
The exchange of letters was sent to the commission by the French Prudential Supervision and Resolution Authority (ACPR) after it was signed by Bank of France Governor and ACPR president Francois Villeroy de Galhau last month, the statement said.
Photo: Kelson Wang, Taipei Times
Under the exchange of letters, the commission and the ACPR would work closely in a wide range of areas in the insurance sector, such as information sharing, assistance with on-site examinations and cooperation in the supervision of cross-border establishments, it said.
The agreement would serve as a foundation for further supervisory cooperation in insurance between Taipei and Paris.
Taiwan’s financial industry has set up one business foothold in France, while the French financial sector has eight business outlets in Taiwan, including three established by insurance firms, the commission said.
Taiwan and France signed similar regulatory cooperation documents regarding securities and futures, banking and financial technology in 1994, 2006 and 2019 respectively, and the latest agreement would mean the two countries would launch a full range of financial regulatory cooperation, it said.
As of this month, the commission has signed 70 regulatory cooperation documents with 66 foreign counterparts, it said.
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