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IRDA joins IAIS to share info with global peers

IRDA Chairman TS Vijayan said the regulator attaches great importance to sharing and exchanging information among supervisors

May 22, 2013 2:31 IST | India Infoline News Service
IRDA (Insurance Regulatory and Development Authority) has joined hands with some of its global peers for sharing and exchange of sectoral information.

IRDA has become a signatory to the global supervisory cooperation and information exchange agreement under the support of International Association of Insurance Supervisors (IAIS).

"There are now 37 jurisdictions admitted as signatories to the IAIS Multilateral Memorandum of Understanding (MMoU), representing more than 54% of worldwide premium volume," IAIS said in a statement on Tuesday.

The MMoU is a global framework for cooperation and information exchange between insurance supervisors. It sets minimum standards to which signatories must adhere, and all applicants are subject to review and approval by an independent team of IAIS members.

Through membership in the MMoU, jurisdictions are able to exchange relevant information with and provide assistance to other member jurisdictions, thereby promoting the financial stability of cross-border insurance operations for the benefit and protection of consumers.

IRDA Chairman TS Vijayan said the regulator attaches great importance to sharing and exchanging information among supervisors.


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