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February 2018
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Business News
Cabinet clears IRDAI signing pact for information exchange
 
New Delhi, Jul 19 (PTI) The Cabinet today gave ex-post facto approval for regulator Irdai's admission as a signatory to IAIS Multilateral Memorandum of Understanding amid increasing integration of financial markets, a release said.

International Association of Insurance Supervisors (IAIS) is a global framework of cooperation and information exchange between insurance supervisors.

"The MMoU is a statement of its signatories' intent to cooperate in the field of information exchange as well as procedure for handling information requests," said the official statement after the Cabinet meeting.

With increasing integration of financial market and growing number of internationally active insurance companies there is an increased need for mutual cooperation and information exchange between insurance industry supervisors.

In this background the Irdai had become a signatory member of the MMoU, the release said.

"In the absence of any bilateral agreements the IAIS, MMoU provides a formal basis for cooperation and information exchange between the signatory authorities regarding the supervision of insurance companies where cross-border aspects arise," the release said.

The MMoU provides a formal basis for cooperation and information exchange between the signatory authorities regarding the supervision of insurance companies where cross- border aspects arise.

The scope of the IAIS MMoU is wider than the existing agreements as it also provides for supervision of other regulated entities such as insurance intermediaries under Anti Money Laundering, (AML) and Combating the Finance of Terrorism (CFT).

One of the main objectives of the Insurance Regulatory Development Authority of India (Irdai) is to protect the interest of and secure fair treatment to policyholders.


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