THAILAND SIGNS MOU WITH US REGULATORS’ ASSOCIATION

The US regulators' trade body, the National Association of Insurance Commissioners (NAIC), has signed a memorandum of understanding (MOU) with Thailand's Office of Insurance Commission (OIC). According to Sandy Praeg, NAIC president and Kansas Insurance Commissioner: “Thailand's insurance industry is recognised as an integral part of maintaining confidence in the financial system, protecting the interests of the policyholders and balancing the role of a competitive industry.” Praeger added that as market penetration continued to increase and Thailand's industry grows, there would be greater opportunities for the OIC and the NAIC to work effectively together. The NAIC already has MOUs with the China Insurance Regulatory Commission (CIRC), the Office of the Commissioner of Insurance of Hong Kong, Korea's Financial Supervisory Commission and Financial Supervisory Service, and Vietnam's Department of Insurance, this agreement further enhances NAIC's relationships in Asia. This latest deal will allow the participation of two insurance supervisors from Thailand in the NAIC's international internship programme.