SECP to join hands with Turkey for insurance supervision
ISLAMABAD,
October 2: The Securities and Exchange Commission of Pakistan (SECP)
and its Turkish counterpart, under the secretariat of Treasury of
Turkey, have
agreed to have mutual cooperation, exchange of information and
experience sharing in the area of insurance regulation and supervision.
The
memorandum of understanding (MoU) to this effect was signed by
Pakistan’s finance minister, Mr Mohammad Ishaq Dar, and the Turkish
finance minister, Mr Mehmet
Simsek.
The
MoU forms the formal basis for coordination between regulatory
authorities of the two countries. It provides for exchange of
information regarding the insurance
sector to enhance the transparency, understanding and operational
coordination between the insurance regulators of two countries. The two
sides agreed on keeping the confidentiality of the information shared
and assistance extended.
The
MoU also provides for extending technical assistance and carrying out
joint training programs on the subjects of mutual interest for both
organizations.
It is expected to improve the cooperation and coordination between the
insurance regulators of two countries and achieve the mutual objective
of development of insurance industry amid increasing international
activity and integration of global financial markets.
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