The Memorandum of Understanding (MOU) on Cross-strait Insurance Regulation was signed on November 16 between Wu Dingfu, chairman of the China Insurance Regulatory Commission, the nation's top insurance regulator, and Sean Chen, chairman of the Cabinet-level Financial Supervisory Commission, Taiwan's financial watchdog.

Under the MOU, both sides' insurance regulatory agencies will cooperate in exchange of information, institutional establishment, personnel training, and communication. It is a concrete step toward the implementation of the Cross-strait Financial Cooperation Agreement, marking the coming establishment of a cooperation system for supervision between both cross-strait insurance regulators. It creates favorable conditions for the deepening of further exchanges between the cross-strait insurance industries. It is a positive signal for the complement of advantages between the cross-strait insurance industries and for the stable and healthy development of the cross-strait insurance markets.

On April 26, 2009, both sides signed the Cross-Strait Financial Cooperation Agreement in Nanjing, Jiangsu Province, east China, establishing a framework for cross-strait financial cooperation. Then, they reached consensus on operational and technical issues relating to the MOU, after the cross-strait insurance regulatory agencies' full consultation.