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NAIC Strengthens Ties with Taiwan

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The National Association of Insurance Commissioners (NAIC) and the Financial Supervisory Commission (FSC) of the Republic of China have signed a memorandum of understanTaiwan flagding.

The memorandum of understanding with Taiwan calls for the NAIC, Kansas City, Mo., and the FSC, Banqiao City, Taiwan, to cooperate in international regulatory matters.

A representative from the NAIC is supposed to meet with a representative from the Taiwan FSC at least once a year. The meeting could take place during meetings of the International Association of Insurance Supervisors, Basel, Switzerland.

The NAIC and the Taiwan FSC also are supposed to offer each other’s representatives seminars, training materials and internship opportunities, and the FSC and state insurance regulators are supposed to help one another with investigations.