The European Insurance and Occupational Pensions Authority and the China Insurance Regulatory Commission have signed a memorandum of understanding (MoU) in Budapest at a meeting of the International Association of Insurance Supervisors.

The memorandum is the basis for co-operation between EIOPA and CIRC with three objectives in mind: to set up guidelines (MoUs are not legally binding) for the exchange of supervisory information; to send each other updates about developments in the field of regulationi; and to increase mutual understanding on the Chinese (C-ROSS) and European (Solvency II) supervisory regimes for insurance.

In accordance with the MoU they  will set up joint annual work programmes, task forces of experts, and pursue other joint activities such as conferences.