ASIC has signed the International Association of Insurance Supervisors (IAIS) Multilateral Memorandum of Understanding (MMoU), an international supervisor cooperation and information exchange agreement.

The IAIS MMoU provides a global framework of compliance and confidentiality to allow for open cooperation and exchange between insurance supervisors. To become a signatory to the MMoU, applicants undergo a rigorous assessment of their professional secrecy regimes, conducted by an independent team of IAIS members. Through membership in the MMoU, supervisors can exchange relevant information and assist other signatories, thereby promoting the financial stability and sound supervision of cross-border insurance operations for the benefit and protection of consumers.

View the IAIS Multilateral Memorandum of Understanding homepage

Background

The IAIS is a global standard-setting body whose objectives are to promote effective and globally consistent supervision of the insurance industry to develop and maintain fair, safe and stable insurance markets for the benefit and protection of policyholders and to contribute to the maintenance of global financial stability. Its membership includes insurance supervisors from more than 200 jurisdictions.

By working together under the terms of the MMoU, ASIC and other signatories to the MMoU will be able to share information to assist each other in achieving their respective objectives.

ASIC is Australia’s corporate, markets and financial services regulator.