IAIS: Mauritius Joins International Information Exchange Agreement

Peter Braumüller, Chairman of the Executive Committee of the International Association of Insurance Supervisors (IAIS), today announced that the insurance supervisor of Mauritius has joined an international supervisory cooperation and information exchange agreement. There are now 37 jurisdictions admitted as signatories to the IAIS Multilateral Memorandum of Understanding (MMoU), representing more than 54% of worldwide premium volume.

“Becoming a signatory to the MMoU is a demonstration of the commitment of the Financial Services Commission (Mauritius) to implementing international supervisory standards,” said Ms. Clairette Ah-Hen, Chief Executive of the FSC. “It is also a significant development for our jurisdiction since it will enable the FSC to exchange supervisory information globally with other insurance supervisors, thereby strengthening the effectiveness of cross-border supervision of insurance and reinsurance companies.”

The MMoU is a global framework for cooperation and information exchange between 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, 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.

“We are glad to welcome Mauritius as a signatory to the MMoU,” said Mr Braumüller. “The global insurance marketplace in which we operate demands an insurance supervisor with the ability to cooperate quickly and effectively for the benefit of consumers. The MMoU is an essential regulatory tool – not only in crisis situations, but on a day-to-day basis – for supervisors to foster safer and more stable insurance markets, and the IAIS encourages each of its Members to become a MMoU signatory.”

Previous MMoU signatories include, among others, Australia, Austria, Bermuda, Canada, Chile, Connecticut (USA), Chinese Taipei, France, Germany, Hong Kong, Japan, the Netherlands, Qatar, Singapore, Switzerland, the United Kingdom and Washington state (USA).