California and Virginia Join International Information Exchange Agreement
News: 2014 Press Release
Basel- Peter Braumüller, Chairman of the Executive Committee of the International Association of Insurance Supervisors (IAIS), today announced that the insurance supervisors of California and Virginia have joined an international supervisory cooperation and information exchange agreement. There are now 42 jurisdictions admitted as signatories to the IAIS Multilateral Memorandum of Understanding(MMoU), representing nearly 60% of worldwide premium volume.
"California is pleased to be one of the lead states in the United States approved by the IAIS, after a rigorous review, to participate in the Multilateral Memorandum of Understanding regarding sharing of information between insurance supervisors," said California Insurance Commissioner Dave Jones. "Being able to share critical financial and other information with other financial supervisors will enhance California's ability to protect consumers of insurance."
The MMoU is a global framework for cooperation and information exchange among insurance supervisors. It sets minimum standards to which signatories must adhere, and 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.
"We are glad to welcome California, which is the largest insurance marketplace in North America, and Virginia as signatories to the MMoU," said Mr. Braumüller. "The global insurance marketplace in which we operate demands an insurance supervisor with the ability to cooperate quickly and effectively for the benefit of consumers. The MMoU is an essential regulatory tool -not only in crisis situations, but on a day-to-day basis - for supervisors to foster safer and more stable insurance markets, and the IAIS encourages each of its Members to become a MMoU signatory."
Previous MMoU signatories include, among others, Australia, Austria, Bermuda, Canada, Chile, Connecticut (USA), Chinese Taipei, France, Germany, Hong Kong, Japan, the Netherlands, Qatar, Singapore, Switzerland, the United Kingdom and Washington state (USA). A complete list of signatories can be found on the IAIS website (www.iaisweb.org) or by clicking here. A copy of the IAIS MMoU can be found on the IAIS website (www.iaisweb.org)or by clicking here.
The California Department of Insurance, established in 1868, is the largest consumer protection agency in California. Insurers collect $310 billion in premiums annually in California. Since 2011 the California Department of Insurance received more than 1,000,000 calls from consumers and helped recover over $469 million in claims and premiums. Please visit the Department of Insurance website at www.insurance.ca.gov. Non-media inquiries should be directed to the Consumer Hotline at 800.927.4357. Telecommunications Devices for the Deaf (TDD), please dial 800.482.4833.