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Strengthening its international co-operation, insurance sector regulator Irda has joined hands with some of its global peers for sharing and exchange of sectoral information.
Insurance Regulatory and Development Authority (Irda) has become a signatory to the global supervisory cooperation and information exchange agreement under the aegis 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 per cent of worldwide premium volume," IAIS said in a statement today.
The pact is a global framework for co-operation and information exchange between insurance supervisors. Besides, it sets minimum standards for the signatories.
"Through membership in the MoU, 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," it said.
Irda Chairman T S Vijayan said the regulator attaches great importance to sharing and exchanging information among supervisors.
"...Joining the MMoU will further strengthen the supervisory role of the regulator in the home jurisdiction," he noted.
Other signatories to this pact include Australia, France, Germany, Japan and the United Kingdom.
IAIS represents insurance regulators and supervisors spread across more than 200 jurisdictions.
