Agreement Strengthens International Supervisory Cooperation,
Promotes Enhanced Consumer Protection
Basel/Moscow – Victoria Saporta, Chair of the Executive Committee of the International Association of Insurance Supervisors (IAIS), has announced that the Bank of Russia has become a member of the IAIS’ Multilateral Memorandum of Understanding (MMoU) – an international supervisory cooperation and information exchange agreement. Since the first jurisdiction was admitted in June 2009, membership in the IAIS MMoU has grown significantly to now include 65 signatories representing more than 70 percent of worldwide premium volume.
“The Bank of Russia is pleased to become a member of the IAIS MMoU,” stated Vladimir Chistyukhin, Deputy Governor of the Bank of Russia. “This agreement strengthens our ability to cooperate with other insurance supervisors in order to promote effective supervision, enhance financial stability and protect consumers.”
The MMoU is a global framework for cooperation and information exchange among insurance supervisors. It sets minimum standards to which signatories must adhere. All applicants are subject to review and approval by an independent team of IAIS Members. Through membership in the MMoU, supervisors are able to exchange relevant information with and provide assistance to other signatories, thereby promoting the financial stability and sound supervision of cross-border insurance operations for the benefit and protection of consumers.
“We are pleased to welcome the Bank of Russia as the latest signatory to the MMoU,” said Ms. Saporta. “In order to achieve our ultimate goal of policyholder protection within the global insurance marketplace,” Ms. Saporta added, “an insurance supervisor must be able to cooperate quickly and effectively. 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.”
A complete list of international signatories and a copy of the MMoU can be found on the IAIS website.
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