In a press release, Peter Braumüller, Chairman of the Executive Committee of the International Association of Insurance Supervisors (IAIS), announced that the insurance supervisor of Italy has joined an international supervisory cooperation and information exchange agreement. There are now 33 jurisdictions admitted as signatories to the IAIS Multilateral Memorandum of Understanding (MMoU), representing more than 51% of worldwide premium volume. Ms. Flavia Mazzarella, Deputy Director General of the Istituto per la Vigilanza sulle Assicurazioni Private e di Interesse Collettivo, said: “We are pleased to become a signatory to the IAIS MMoU. We have always been strongly committed to cooperation with our supervisory colleagues and we firmly believe that joining the MMoU will further enhance significantly the effectiveness of our current activities.”

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.