Taiwan and France have signed an exchange of letters (EoL) to forge closer cooperation in the supervision of the insurance industry, the Financial Supervisory Commission (FSC) said Monday.
In a statement, the FSC, the top financial supervisory body in Taiwan, said FSC Chairman Huang Tien-mu (???) signed the EoL on Jan. 5.
The EoL was sent to the FSC by the French Prudential Supervision and Resolution Authority, or Autorité de contrôle prudentiel et de resolution (ACPR) in French, after it was signed by François Villeroy de Galhau, governor of the Bank of France and ex-officio ACPR president, in December, the statement said.
Under the EoL, the FSC and the ACPR will 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, while the EoL will serve as a foundation for further supervisory cooperation in insurance between Taipei and Paris.
According to the FSC, 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.
Taiwan and France signed similar regulatory cooperation documents regarding securities and futures, banking, and financial technology (FinTech) in 1994, 2006, and 2019, respectively, and the latest EoL means the two countries will kick off a full range of financial regulatory cooperation, said the FSC.
As of January 2023, the FSC has signed 70 regulatory cooperation documents with 66 foreign counterparts, according to the commission.
Source: Focus Taiwan News Channel