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Canada signs insurance deal with China

Wednesday 10 November 2010 - by Andrew Hickley

The Canada Securities Administrators has today announced that eight of their members have signed a regulatory cooperation agreement with the China Insurance Regulatory Commission, in a move that paves the way for Chinese insurers to invest in CSA-regulated Canadian markets.

The securities regulators of Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, Québec and Saskatchewan have entered into the agreement, which attempts to increase mutual understanding and information exchange with the Chinese regulator.

A statement released by the British Columbia Securities Commission stated that the deal is expected to facilitate capital flowing from China into the Canadian market, with barriers preventing Chinese insurers from investing in CSA participating jurisdictions being unlocked.

Jean St-Gelais, Chairman of the CSA, said that the organisation attaches "considerable importance" to Canada's eligibility as a destination for investment by Chinese insurers.

"The fact that this is only the third arrangement of this nature signed by the CIRC with foreign regulators is a clear statement about the strength of the Canada's capital markets and the quality of its regulatory framework," he said.

The deal represents a similar arrangement to one signed between the Chinese Banking Regulatory Commission and the CSA in April. Subject to ministerial approval it is scheduled to take effect in Ontario from December 29 2010, with seven of the eight jurisdictions currently having the deal in place.

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