The insurance supervisors of the Bermuda Monetary Authority, the Financial Supervisory Commission of Chinese Taipei, and the Federal Financial Supervisory Authority of Germany, have joined the International Association of Insurance Supervisor’s (IAIS) Multilateral Memorandum of Understanding (MMoU). In addition, applications from seventeen supervisory authorities are currently being considered.

The MMoU is designed to operate as a global framework for co-operation and the exchange of information, and sets minimum standards to which signatories must adhere. The process seeks to help insurance supervisors improve the effectiveness of cross-border supervision of insurance companies, and contribute to the global effort to ensure that systemically important financial institutions are appropriately regulated, as encouraged by the G20. As pointed out by Richard Walker, Chair of the IAIS MMoU Interim Signatories Working Group, each supervisor applying to be admitted as a signatory undergoes a rigorous and independent validation process to determine whether the minimum standards of the MMoU are satisfied. Consequently signatories can be assured that the information they exchange is properly protected.