The regulators of Russia and China will sign a Memorandum of cooperation

The regulators of Russia and China will sign a Memorandum of cooperation


Russian insurers already cooperate with Chinese insurers, but after the signing of the Memorandum between the Central Bank and the Commission on regulation of the insurance market in China cooperation will be more organized.

ST. PETERSBURG, 20 Oct. The Bank of Russia and Commission on regulation of the insurance market in China (China Insurance Regulatory Commission, CIRC) plan to sign in November 2015 Memorandum of cooperation, told journalists the Director of insurance market Department of the Central Bank of the Russian Federation Igor Zhuk after the conference in St. Petersburg on Tuesday.

“In China there is a regulator. Called China Insurance Regulatory Commission. In Russia the Bank of Russia. Between the Bank of Russia and their regulator will be a Memorandum of cooperation. Will sign in November. And we will begin formally to move on the subject of information exchange, travel insurance, reinsurance, rating and so on,” said beetle.

Russian insurers already cooperate with Chinese insurers, he added, but after the signing of the Memorandum of cooperation, according to him, will be more organized.

“China is being very honest. As they themselves say: they have no enemies, no friends, have interests”, — concluded the representative of the Central Bank.