The Union Cabinet has given its ex-post facto approval for the Memorandum of Understanding (MoU) between Insurance Regulatory and Development Authority of India (IRDAI) and the Insurance Authority of United Arab Emirates.
Decision in this regard was taken by the Union Cabinet meeting chaired by the Prime Minister Narendra Modi in New Delhi. The MoU was signed in February, 2016.
The MoU provides for
- Enhanced cooperation between the two authorities in the field of insurance supervision.
- It will provide a framework for co-operation such as channels of communication.
- Increase mutual understanding through the exchange of regulatory and relevant supervisory information.
- It will also include confidential information to enforce or ensure compliance with their respective laws and regulations.