Indian Cabinet approves MoU between IRDAI, FIO

The Union Cabinet recently approved the signing of a memorandum of understanding (MoU) between the Insurance Regulatory and Development Authority of India (IRDAI) and the Federal Insurance Office, USA.

The MoU provides a framework for cooperation and coordination, including for the exchange of information and research assistance with respect to each authority’s overview and other lawful responsibilities. Under the agreement, both the countries intend to share their experiences on various regulatory functions and to provide mutual assistance, including training activities, an official release said.

India and the USA have also agreed to continue to facilitate cooperation in international standard-setting activities, financial stability and development and implementation of consumer protection through sound prudential regulation of the insurance sector, a report in The Business Line stated.