KUALA LUMPUR: Bank Negara Malaysia and Thailand’s Office of Insurance Commussion (OIC) has signed a Memorandum of Understanding (MoU) to enhance cooperation for mutually beneficial development of the insurance sector of both countries.
In a statement today, Bank Negara said the MoU was signed governor Tan Sri Muhammad Ibrahim and OIC secretary general Dr. Suthiphon Thaveechaiyagarn.
Bank Negara said with growing financial linkages 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 MoU encompasses arrangements relating to mutual assistance, information exchange as well as cooperation in capacity building and technical assistance between the two regulatory authorities.
“The MoU marks an important milestone in the strengthening of collaborative arrangements between Bank Negara and the OIC, Thailand, in keeping with a long tradition of close regulatory and supervisory cooperation in the financial sector between Malaysia and Thailand,” it said.