Malaysia to join IAIS information exchange framework for insurance supervisors
Source: Asia Insurance Review | Jun 2015
The insurance supervisors of Malaysia and Quebec have joined an international supervisory cooperation and information exchange agreement.
Since the first jurisdiction was admitted in June 2009, membership in the IAIS Multilateral Memorandum of Understanding (MMoU) has grown significantly to now include 50 signatories representing more than 63% of worldwide premium volume.
The MMoU is a global framework for cooperation and information exchange among 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, supervisors are able to exchange relevant information with and provide assistance to other signatories, thereby promoting the financial stability and sound supervision of cross-border insurance operations for the benefit and protection of consumers.
Mr Felix Hufeld, Chair of the Executive Committee of the IAIS said: “We are delighted to welcome Malaysia and Quebec as signatories to the MMoU and to see the MMoU hit a milestone of 50 signatories.”
He added: “In order to achieve our ultimate goal of policyholder protection within the global insurance marketplace, an insurance supervisor needs the ability to cooperate quickly and effectively. The MMoU has proven to be an essential regulatory tool – not only in crisis situations, but on a day-to-day basis – for supervisors engaged in cross-border cooperation to foster safer and more stable insurance markets, and the IAIS encourages each of its Members to become a MMoU signatory.”