The insurance supervisors of Canada, the Isle of Man, Luxembourg, and Poland have joined International Association of Insurance Supervisor’s (IAIS) Multilateral Memorandum of Understanding (MMoU). Thirty jurisdictions are now signatories to the MMoU, demonstrating the growing internationalisation of the IAIS’ work, and increasing awareness across domestic supervisors of the need for global co-ordination in regulating the insurance sector.

The MMoU is designed to operate as a global framework for cooperation and information exchange between insurance supervisors by setting minimum standards to which signatories must adhere, and requiring members to be reviewed and approved by an independent team of IAIS members. The MMOU enables jurisdictions to exchange relevant information with and assist other member jurisdictions, which is designed to promote the financial stability of cross-border insurance operations.