The Cabinet meeting chaired by Prime Minister Narendra Modi has given its ex-post facto approval for the Memorandum of Understanding (MoU) signed in February, an official statement said after the meeting.
The MoU provides for enhanced cooperation between the two authorities in the field of insurance supervision by providing a framework for cooperation such as channels of communication.
"It will also result in increasing mutual understanding through the exchange of regulatory and relevant supervisory information including confidential information to enforce or ensure compliance with their respective laws and regulations," it added.