China and Russia inked a memorandum to further cooperation on insurance regulations, according to a statement released by the country's top insurance watchdog on Monday.

China Insurance Regulatory Commission and Russia's central bank will facilitate information exchange and coordination on insurance regulation, the statement said.

The cooperation opportunities are abundant for the two countries in areas such as tourism insurance, major project construction financing and risk control, and reinsurance. They will help promote the development of the China-proposed Belt and Road Initiative, the statement pointed out.

China's insurance market has been growing fast in recent years, with total premiums reaching over two trillion yuan ($314.7 billion) in 2014, growing 17.5 percent year-on-year, the fastest since the international financial crisis.