New cooperation framework has 17 more waiting to sign
National insurance regulators across the world have begun signing up to a global framework for sharing information about large cross-border insurers, Reuters reports
The International Association of Insurance Supervisors (IAIS) said the Bermuda Monetary Authority (BMA), the Financial Supervisory Commission of Chinese Taipei (FSCEY) and Germany's watchdog BaFin have signed the new cooperation framework.
Applications from 17 other supervisory bodies were being processed, the IAIS said.
"With the multilateral memorandum of understanding in place, insurance supervisors will be better equipped to improve the effectiveness of cross-border supervision of insurance companies," the IAIS said in a statement.
Websites
