The International Association of Insurance Supervisors on June 26 announced significant progress in strengthening cooperation amongst its members worldwide. The IAIS’s Multilateral Memorandum of Understanding (MMoU) gained its first three signatories - the Bermuda Monetary Authority, the Financial Supervisory Commission of Chinese Taipei and the Federal Financial Supervisory Authority (BaFin) of Germany. Additionally, applications from seventeen supervisory authorities to become signatories are currently being validated.
The MMoU will provide a framework for cooperation and exchange of information on a multilateral level as well as setting minimum standards to which signatories must adhere. “With the MMoU in place, insurance supervisors will be better equipped to improve the effectiveness of cross-border supervision of insurance companies. The MMoU will also contribute to the global effort to ensure that systemically important financial institutions are appropriately regulated,” noted the IAIS in a statement.
Peter Braumüller, Chairman of the IAIS Executive Committee, said: “It has never been more important for supervisors to cooperate with each other. The successful use of the MMoU is one of the IAIS’s key responses to the G20 Declaration to strengthen international cooperation among supervisors. The MMoU is now operational but this is only the beginning.”
“It is our intention to build on this foundation. There is strong commitment from IAIS members to this project. I look forward to seeing a steady increase in the number of signatories to the MMoU and its widespread use by supervisors.”
Richard Walker, Chairman of the IAIS MMoU Interim Signatories Working Group, said: “Strong and effective cooperation and information exchange are key to preserving financial stability. The MMoU has a crucial part to play in this. Each authority applying to be a signatory undergoes a rigorous and independent validation process to ascertain whether the minimum standards of the MMoU are satisfied. Signatories can therefore take comfort that the information they exchange is properly protected.”
A comprehensive report in our Intelligence Report series which studies the 20 main offshore jurisdictions which offer captive insurance regimes is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report11.asp
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