The Guernsey International Insurance Association (GIIA) has signed an agreement with both the China Captive Alliance and the Kashgar Government to further develop China’s captive insurance market.
The agreement means the two parties will cooperate on captive insurance market development; financial innovation; to promote the viability of the Chinese captive market; and on communication between China and the international captive industry.
Charles Scott, managing director of independent Alternative Risk Management, signed the agreement on behalf of GIIA, alongside Yongjie Liu, general manager of the China Captive Alliance.
Scott said: “[The agreement] establishes a very important framework for the cooperation and development of our two jurisdictions in the area of insurance, specifically captives.”
“It also means that Guernsey is now well positioned to benefit from captive opportunities in the international arena that emerge from Chinese corporates.”
Fenglin Xu, deputy director of the Kashgar Trade Development Zone, said: “The signing of the [agreement] between ourselves and Guernsey is an important step to enhance the captive insurance market in China.”
