The Monetary Authority of Macao (AMCM), China Insurance Regulatory Commission (CIRC) and the Office of the Commissioner of Insurance signed a co-operation agreement today (18 December 2014) in Macau to enhance their co-operation against insurance fraud.

The co-operation agreement sets out a framework that enables the regulators in the three places to provide assistance and information to each other for performing their supervisory work relating to the monitoring of insurance fraud risks.

Member of the Board of Directors of AMCM, António José Félix Pontes, said, “The co-operation agreement will foster exchange of information and co-operation against insurance fraud, and will nourish a safe and stable insurance market, thereby achieving the objective of protecting policyholders.”

The Vice-chairman of CIRC, Huang Hong, said, “As the three regulators are already in close connection to combat insurance fraud, the signing of the agreement will enhance such co-operation efforts.”

The Commissioner of Insurance of Hong Kong, Annie Choi, said, “With the growing economic interactions and people flow between the Mainland, Hong Kong and Macau, enhanced co-operation amongst the three regulators will help raise their regulatory effectiveness against cross-border insurance fraud risks.”