Thursday 28 Mar 2024
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KUALA LUMPUR (Dec 18): Bank Negara Malaysia and the Office of Insurance Commission, Thailand had today signed a memorandum of understanding (MoU) to enhance both countries' insurance sector cooperation.

Bank Negara Governor Tan Sri Muhammad Ibrahim and Office of Insurance Commission, Thailand Secretary General Dr Suthiphon Thaveechaiyagarn signed the MoU on behalf of Malaysia and Thailand respectively, according to Bank Negara and Office of Insurance Commission, Thailand's joint statement today.

"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 Malaysia and the Office of Insurance Commission, Thailand, in keeping with a long tradition of close regulatory and supervisory cooperation in the financial sector between Malaysia and Thailand," Bank Negara and Office of Insurance Commission, Thailand said.

According to the statement, as financial linkages between Malaysia and Thailand grow, the MoU will support measures by insurance regulators of both countries to promote effective and well-functioning insurance markets for the protection and risk management of individuals and businesses.

 

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