Q. The Union Cabinet has given ex-post facto approval to IRDAI - IAIS pact for information exchange. What does "IAIS" stands for?
Answer: International Association of Insurance Supervisors
Notes: The Union Cabinet has recently given ex-post facto approval for insurance regulator IRDAI's admission as a signatory to IAIS Multilateral Memorandum of Understanding (MMoU) due to increasing integration of financial markets. The MMoU is a statement of its signatories' intent to cooperate in the field of information exchange as well as procedure for handling information requests. The MMoU provides a formal basis for cooperation and information exchange between the signatory authorities regarding the supervision of insurance companies where cross- border aspects arise. The International Association of Insurance Supervisors (IAIS) is a global framework of cooperation and information exchange between insurance supervisors. The MoU provides a formal basis for cooperation and information exchange between the signatory authorities regarding the supervision of insurance companies where cross- border aspects arise.
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