BEIJING DECLARATION FIRST STEP IN PAN-ASIA INSURANCE SUPERVISION

The Beijing Declaration on Insurance Supervision Cooperation was signed by 14 countries on Monday, marking what was hoped to be the first step in the establishment and development of consistent insurance supervision in Asia. India, Japan, Jordan, South Korea, Malaysia, Nepal, Pakistan, the Philippines, Singapore, Thailand, China and its SARs Hong Kong and Macao signed up for the declaration at the China International Forum on Insurance. The countries will now hold senior meetings on issues affecting Asian countries in common. It is also planned to strengthen co-operation in supervisor training in order to raise the level of insurance supervision and to guarantee more consistency in judgements.