BATON ROUGE – The Louisiana Department of Insurance has become a member of the International Association of Insurance Supervisors Multilateral Memorandum of Understanding, an international supervisory cooperation and information exchange agreement.
“I am pleased that the Louisiana Department of Insurance has become a signatory to the IAIS MMoU,” said Louisiana Insurance Commissioner Jim Donelon. “This agreement strengthens our ability to work cooperatively with other supervisors and monitor large cross-border insurers – cooperation that is critically important to promoting effective supervision and protecting Louisiana 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.
A complete list of international signatories and a copy of the MMoU can be found on the IAIS website by clicking here.
