INTERNATIONAL INSURANCE SUPERVISION

June 24, 2010 at 6:18 pm | Posted in Economics, Eurozone, Financial, Globalization, History, Research | Leave a comment

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The International Association of Insurance Supervisors (IAIS)

International insurance supervisory

cooperation strengthens

Press, Service (press@bis.org)

Publications, Service (Publications@bis.org)

Tue 6/22/10

The International Association of Insurance Supervisors (IAIS) announced during its Triannual Meeting in Bahrain, the admission of Comision Nacional de Seguros y Fianzas, Mexico to the list of signatories of the IAIS Multilateral Memorandum of Understanding (MMoU). With this announcement the total number of MMoU signatories has increased to nine.

Previous signatories include: Australian Prudential Regulation Authority; Financial Market Authority, Austria; Bermuda Monetary Authority; Financial Supervisory Commission of Chinese Taipei; Autorité de Contrôle Prudentiel of France; Federal Financial Supervisory Authority (BaFin) of Germany; De Nederlandsche Bank of Netherlands; and Insurance Supervisory Commission, Romania.

The MMoU is a framework for cooperation and the exchange of information and sets minimum standards to which signatories must adhere to bolster cross border supervision of insurance companies. It is an essential regulatory tool to ensure sound oversight of the insurance market through exchange of supervisory information and also help to promote financial integrity and appropriate customer protection.

Peter Braumüller, Chairman of the IAIS Executive Committee, said that “Insurance markets have historically been interrelated. It is important that entities operating across borders be effectively supervised and this can be facilitated through the IAIS MMoU.” He reaffirmed that “The IAIS is strongly committed to enhancing co-operation and information sharing amongst its members and encourages its members to strengthen this resolve by submitting applications for becoming a MMoU signatory.”

About the IAIS

Established in 1994, the IAIS represents insurance regulators and supervisors of some 190 jurisdictions in nearly 140 countries and has also more than 120 insurance professionals, insurers, reinsurers and trade associations as observers. The IAIS issues global insurance principles, standards and guidance papers, provides training and support on issues related to insurance supervision, and organises meetings and seminars for insurance supervisors. The IAIS works closely with other international institutions to promote financial stability

Press enquiries: Yoshihiro Kawai

Secretary General

Tel: +41 61 280 9135

Mobile: +41 76 350 9135

E-mail: yoshihiro.kawai@bis.org

The International Association of Insurance Supervisors (IAIS)

International insurance supervisory cooperation strengthens

Press, Service (press@bis.org)

Publications, Service (Publications@bis.org)

Tue 6/22/10

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