Bank Negara signs MoU with Thailand’s insurance regulator

PETALING JAYA: Bank Negara Malaysia (BNM) today signed a memorandum of understanding (MoU) with Thailand's insurance regulator Office of Insurance Commission, to enhance cooperation for mutually beneficial development of the insurance sector of both countries.

BNM said in a statement, 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 central bank said 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," it added.