The Florida Office of Insurance Regulation (OIR) has joined as the 55th jurisdiction internationally to be admitted as a signatory to the International Association of Insurance Supervisors (IAIS) Multilateral Memorandum of Understanding (MMoU), Florida Insurance Commissioner Kevin McCarty announced.
Established in June 2009, the MMoU is an international supervisory and information exchange agreement to facilitate and expedite the sharing of insurance regulatory information between member jurisdictions. This includes information regarding licensing, solvency matters, criminal and regulatory proceedings. Each member is responsible for abiding by strict confidentiality standards to protect the shared information, while also complying with its own state and federal laws. The MMoU is considered an important resource for insurance supervisors in cross-border global efforts to strengthen consumer protections.
Source: Florida Office of Insurance Regulation
Related:
- U.S. Insurers Back Development of Disclosure Standards by International Association of Insurance Supervisors
- IAIS’ International Capital Standards Have Ambitious Timeline: A.M. Best
- FSOC’s Insurance Expert Woodall Approved As International Regulatory Observer
Topics Florida Legislation
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