The Insurance Authority today entered into a Memorandum of Understanding with the Financial Reporting Council. The pact aims to provide a mechanism for effective communication and cooperation between the two organisations.

When a listed entity that is the subject of investigation or enquiry is an insurer authorised under the Insurance Companies Ordinance, the Financial Reporting Council should notify and consult the Insurance Authority

The Financial Reporting Council began operating in July. Its main function is to investigate listed entities' auditing and reporting irregularities. The Insurance Authority is responsible for administering the Insurance Companies Ordinance, ensuring the interests of policyholders and promoting the stability of the industry.