Cabinet approves Memorandum of Understanding between India and USA in insurance regulatory sector
New Delhi, Aug 29 (IBNS): The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday 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 agreement, both the countries intend to share their experiences on various regulatory functions and to provide mutual assistance including training activities.
"India and USA have 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," read a government statement.
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