Bank Negara Malaysia and Thailand's Office of Insurance Commission have signed a memorandum of understanding (MoU) to enhance insurance sector cooperation between the two countries.
Bank Negara Governor 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 a joint statement by both regulators.
"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," the statement 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.