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Union Cabinet approved MoU between India & USA in insurance regulatory sector: Detail
Union Cabinet approved MoU between India & USA in insurance regulatory sector: Details, Objectives, Highlights
The Union Cabinet has approved the signing of a Memorandum of Understanding (MoU) between 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 MoU agreement, India & USA have agreed to share their experiences on various regulatory functions and provide mutual assistance including training activities.
India-USA has also agreed to continue to facilitate cooperation on international standard-setting activities, financial stability and the development and implementation of consumer protection through sound prudential regulation of the insurance sector.
India and USA have strong business relations with each other and both the countries have been in regular discussions at various political and official levels.
